Buying A Home? - Your Essential Checklist
Buying a new home is exciting. It’s a fresh start in a space that you can put your stamp on.
Whether you’re a first timer, you’re getting something bigger to accommodate your growing family, or downsizing to suit your needs, buying a new home is exciting. It’s a fresh start in a space that you can put your stamp on.
But there’s a lot to think about, even if you’re buying a new build.
Where we are
With the increasing demand for housing, developers are poised to rapidly construct new homes. The new UK government has already set out plans to create new homes across 200 sites in England alone, indicating the increased appetite for new properties. So, it’s likely we’ll see a rise in the popularity of these newer homes in the coming years as more become available.
If you’ve decided to buy a new build, there are some considerations you’ll need to make and processes to factor in. To help you plan out your house move, here’s a comprehensive checklist to make the transition smooth and straightforward.
Hiring a solicitor experienced in new build purchases will help to guide you through the legal process, including reviewing contracts, conducting searches, and conveyancing.
Financial preparation
The first step in purchasing a new build home is getting your finances in order. Start by assessing affordability, which includes understanding your income, outgoings, and how much you can realistically borrow. Most financial institutions offer online calculators that can help you estimate your borrowing capacity, but it’s worth speaking to a mortgage advisor for a more accurate assessment.
Securing a mortgage is essential. An Agreement in Principle (AIP) is a document from a lender confirming how much they’re willing to lend you. This shows developers and estate agents that you are a serious buyer, but it’s not a guarantee. However, it’s a strong indication of your creditworthiness.
For those considering a new build, there are buying schemes available that can be a valuable resource. These may change in the coming years, so it’s worth keeping up with what’s available to you and exploring your options for the new build development you have in mind.
Most new builds come with a 10-year warranty, often provided by the National House Building Council (NHBC), which covers structural defects.
Also, remember to budget for additional costs such as stamp duty, solicitor fees, and moving expenses. Many first-time buyers overlook these costs, but they can add up quickly and affect your overall budget.
Legal considerations
Hire a solicitor experienced in new build purchases. They will guide you through the legal process, including reviewing contracts, conducting searches, and conveyancing.
They’ll clarify the contract for sale and talk you through the timeline for completion, what happens if there are delays, and what’s included in the sale. Warranties are another factor. Most new builds come with a 10-year warranty, often provided by the National House Building Council (NHBC), which covers structural defects.
Snagging lists are essential. During viewings, pay close attention to the quality of workmanship, materials used, and any potential signs of poor construction.
Property inspection and snagging
A thorough property inspection is essential, even for new builds. Snagging is the process of identifying any minor issues that need to be fixed before you move in, such as cosmetic issues or unfinished work.
Some buyers might feel confident in spotting these issues themselves, but you might feel more comfortable with hiring a professional snagging surveyor. They’re trained to identify issues that may not be immediately obvious to the untrained eye.
During viewings, pay close attention to the quality of workmanship, materials used, and any potential signs of poor construction. Snagging surveys are useful for new homes as they can help you avoid paying for expensive repairs down the line.
Buying a new build home is a significant investment, but by following our checklists, you can move home with confidence and ensure everything meets your expectations.
Post-purchase considerations
Once you’ve completed the purchase of your new build home, there are several important steps to take:
Check the warranty: Ensure that your new build warranty is in place and understand the process for making claims.
Arrange your outgoings: Register for council tax and set up utilities.
Report any issues: It’s important to report any problems to the developer as soon as possible. You might find some issues that weren’t apparent during the initial inspection and many developers offer a grace period after purchase where they’ll fix any defects free of charge.
Buying a new build home is a significant investment, but by following these checklists, you can move home with confidence and ensure everything meets your expectations.
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