Page 42 - Ludlow Lifestyle Nov/Dec 2019
P. 42

                 HOW TO BUY A NEW BUILD HOME
by Christmas
 With the nights drawing in, and as the summer holidays become a distant memory, your thoughts may be turning to Christmas or even the New Year. If getting on the housing ladder or moving home were on your list of goals for 2019, then there may still be time to move before Christmas.
While many people are waiting to see what happens with Brexit, there are advantages to moving house now if you’re a buyer. Many sellers are open to lower offers as the market slows. The same applies for new build homes too. Volume house builders have been busy building but have seen a drop off in demand. So there are deals to be done on shiny new build homes across the country.
We’ve asked Paula Higgins, Chief Executive of the Home Owners Alliance, to explain what you need to know before you buy a new build home and how to increase your chances of being in before Christmas.
Research, research, research!
As one of your biggest financial investments, you’ll want to do your
own research rather than relying solely on glossy promotional materials. Read around about the developer of your new build home, search for online reviews and forums, and visit homes they’ve built on other sites. If your chosen development is partially completed, speak to residents and find out about any issues they had.
Get your finances in order
Developers work to tight timescales and once you’ve put down a deposit you may have only 28 days to exchange. Lending rules may also be stricter on new build homes. A fee-free mortgage broker can advise you on the right mortgage for
your circumstance and can help if you are buying with the Help to Buy scheme. See the HomeOwners Alliance guide on New build homes and getting a mortgage ( homeowners/i-am-buying/new-build- homes-and-getting-a-mortgage-top-tips/)
Get your conveyancing solicitor lined up Try to find a conveyancer with experience of new build developments. They will need to check planning permissions, restrictive covenants and - importantly - the terms of any lease if you are buying a leasehold flat.
As the end of the year approaches , developers need to boost sales figures. That doubled with Brexit uncertainty and a slowing market means there is no better time to negotiate.
And if you’re eye is on a development with just a couple of properties left to be sold, your negotiating power is very strong as developers are keen to move onto their next project. Be bold and ask for 20% off and work from there.
Getting a survey
Many builders won’t allow you to view the property until the day of completion. If this is the case you want to very quickly get an independent snagging inspector to identify and report on any defects or errors (from cosmetic to structural). You can read more about whether you need
a snagging survey ( services/snagging-survey/).
The HomeOwners Alliance www.hoa. offers expert advice and services for every step of your home buying and selling journey.
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