With the new year soon approaching, it appears 2024 is likely to be the ideal time to invest in the new-build market. These properties have grown in popularity over the years as they usually come with guarantees, and buyers can often select the fixtures and fittings.
Managing to get on the property ladder is a big achievement but also a financial obligation that you will be responsible for over numerous years. In this guide, we take a look at everything you need to know during the new-build buying process to help make it as smooth as possible.
Decide on a location
When it comes to choosing a property, location is key. When looking for new houses in your area of choice, pay close attention to nearby amenities.
You’ll want to be in close proximity to things like supermarkets, shops, fitness facilities, and green spaces. Generally, being a short distance away from these services will increase the value of the property.
Consider the quality and accessibility of the public transport system. Can you easily access trains and buses from the development? This is important if you plan to commute to work or if you don’t own a vehicle.
Get to know the developers
When spending so much money, you want to ensure you’re getting the service that you deserve. Therefore, when searching for a property, make sure to perform due diligence on the developers.
If the property you have your eye on has not yet been built, head to some of the developer’s other properties. Assess the quality of the build and get a feel for what you’re buying. You should also look at online reviews and forums.
While this shouldn’t necessarily put you off the property, it should provide you with useful information to then ask the right questions.
Know exactly what you are buying
It’s vital that you understand exactly what is included in the price and what is to be expected from the property. This is even more important when buying off-plan since the home is yet to be built and all you have to go off of is promotional material.
However, buying off-plan has many advantages – the main one being you can alter the property to suit your preferences. For example, you can remove walls to make rooms more spacious or change the flooring.
Always ask to see a detailed specification outlining the materials, fittings, and fixtures used in the property, so that you can compare the quality to that set out in the warranty. It is also useful to see if there is free parking included and if the stamp duty is covered by the developers.