This year, New Homes Week runs from 26th February until 3rd March and is an annual celebration and recognition of new build homes, homebuilders and homeowners. The event was launched by the Home Builders Federation to provide an opportunity to share the benefits of buying a new build home.
Whether you are a first-time buyer or an existing property owner, there may be many reasons for wanting to buy a new build home such as:-
- You’re the first person to live in the property – Many people like the fact that they will be the first to live in the property and they can usually choose fixtures and fittings and internal decorations to fit their taste.
- Cheaper repairs and redecoration costs – With everything being brand new, this means that repairs and redecoration costs should be minimal for the first few years.
- Cheaper running costs – New homes will usually have a better energy performance rating meaning that your home is on average £2,500.00 a year cheaper to run (according to The Home Builders Federation). With the rising cost of living in the current economic crisis, this will be attractive to many.
- New homes warranty and insurance – New homes are usually protected with guarantees such as NHBC’s 10-year warranty, Local Authority Building Control (LABC) and Premier Guarantee.
In light of New Homes Week, we thought we would share our top tips when buying your new home.
- Don’t be pressured into using the developer’s recommended conveyancing solicitor – It is not uncommon for the developers’ solicitor and sales team to try to persuade you to use their recommended solicitor. This is sometimes because commission is paid. Although this set up may be cheaper for you, the level of service that you receive may not be as good as what you hoped for. Choose a good, reliable and independent conveyancing solicitor who will be more readily available to update you and reassure any concerns that you may have along the way. Biscoes will treat you like a person, not just another number or file. Get in touch for more information about the conveyancing process and how we can help you, please contact us on 02392 660261 or via our website www.biscoes-law.co.uk.
- Do your research – Never rely solely on the developer’s promotional material. Get a feel for what you’re buying by researching the developer (a good place to gather independent reviews is HomeView), visit the site (and other sites completed by the same developer) and the local area. Look at transport links, do your journey to work, walk to local facilities.
- Negotiate – Just because the property is marketed at a particular value doesn’t mean that you can’t buy it for cheaper. You'll have the best chance of successfully haggling before reserving a property or putting down any fees, but this doesn’t mean it is impossible to negotiate after this. If you don’t ask you don’t get!
- Incentives – Many developers offer incentives to help them stand out from other local developers. These can include furnishings, a car parking space, or by paying your legal fees or Stamp Duty Land Tax (SDLT). If you can’t negotiate money off the price, the offer to pay your SDLT, is likely to save you the most money. Be aware that incentives may impact how much your mortgage provider will lend.
- Be aware of management fees – Management fees for the estate, whether the property is freehold or leasehold, are usually charged for the maintenance and upkeep of communal areas such as hallways, lifts and roads. You therefore need to factor this into your monthly budget on top of mortgage payments and bills. Lenders will take management fees into account when considering whether to lend to you. For this reason, you should ask the developer for information about your property's management fees before you reserve a property.
- Plan for the future – ensure that your purchase fits with your personal plans for the next few years. Is there room for a new partner move in? Could you comfortably raise a family? What you don’t want to do is end up having to move to a bigger property soon after purchasing your existing one as this will incur more legal fees, estate agent fees, removal costs and SDLT.
So whether you are an excited first-time buyer ready to move on to the next chapter in life or an existing property owner, perhaps an ‘empty nester’ looking to “resize” now that your adult children have flown the nest, there are many reasons for choosing to move to a new build home and we are here to help. Our tips above are just some of the things you need to consider when thinking of moving. For further information, guidance and inspiration to make your move, please visit our website www.biscoes-law.co.uk and New Homes Week (new-homes.co.uk).
