New build properties are the ideal option if you happen to be a first-time buyer or even if you have a growing family. That being said, there are some common issues that you might face when you embark on your journey. If you want to find out more about those then simply look below.
Benefits of Buying a New Build
New build homes tend to be more appealing because of a number of reasons. A lot of people like the fact that they are going to be the very first person to live in that property, and the repairs will be very low for the first couple of years. Redecoration costs won’t be an issue either. Some home builders will give you the chance to choose fixtures or even fittings so that the property can be tailored to your needs. When you look at all of this, you will soon see that it is easier than ever for you to get the best result out of your investment without having to worry about a thing. If you are planning on investing a lot of money into a property then it’s wise to look into life insurance for mortgage if you can.
When you look at new cars, you will soon find that the price depreciates the moment you put your key in the ignition. When you look at property prices, you will see that the house devalues a bit when you live there. If you want to get the best result out of your investment, then you need to compare the new-build homes you are looking at with some of the older properties that are on the market. You need to compare the rental value and the city in general. Comparing the price per square foot is also a very good idea. If you want to get a deal, then try and negotiate with the developer as they may be able to give you a good price.
Future-proofing your investment is also wise. You need to make sure that it fits in with your personal plans as well as your future plans. Think about it, can your partner move in with you? What about kids, could you fit a baby in the house you are buying? Little things like this can really help you to make sure that you are making the most out of your investment overall.
Delays with Moving In
This is particularly the case if you plan on purchasing off-plan, or before the development has been completed. It’s highly recommended that you ask a builder to see if they can agree to a long-stop completion date. This means that they will be fully liable if they do not finish the work by that date. For this reason, you need to make sure that you look into the legal process of buying a new home as well as looking for other avenues of help that might be available.
Getting a Mortgage
Delays can be an issue when it comes to your mortgages. If you want to help yourself then you need to make sure that you look into the various options that are available and that you also take the time to understand the terms and conditions too. If you don’t then you may end up struggling in the long run.
Sometimes you won’t be covered with workmanship or even quality finishes. It’s vital to make sure that you are entirely happy with every stage of the build and that you also make sure that everything is shaping up nicely. By the time you ask your lawyers to take part in the process, you have to make sure that you look into the plans and that you look into the specifications too.
Properly prepared plans and even specifications will tell you what you need to include in terms of measurements, the design and anything else of the sort. You will also look at the types of materials that are used and also the decorative finishes. If something is lower in quality, than you thought, then now would be the time for you to get that sorted.
If you do intend to buy a new build, then you have to make sure that there’s a snagging provision in the contract as this will allow you to get any minor issues sorted out. This can include doors snagging on the carpet or anything else that could be similar. During the first two years, your developer should be willing to sort this out for you.