Page 40 - Marlborough Living May June 2019
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  NEW HOME SWEET HOME
Top tips on buying a new build home...
There can be few things as thrilling as being the first family to through the door of a new build. They are perfect options for
first homes, growing families or those looking to downsize when children have flown the nest. Well-built properties mean lower running costs, minimal repair costs in the early years and of
course lots of scope for personalisation of spec in the build phase. However, before that exciting walk through the door can happen, there are a few things to bear in mind. Here are the top things to consider when buying a new home from the Home Owners Alliance:
MORTGAGE OFFER PERIODS
Buying a new build off plan (before it’s built) shouldn’t present any problems in itself when getting a mortgage as most lenders are familiar with this scenario. There may however be an issue around how long your mortgage offer is valid for. It varies by lender but most are only valid for six months. In other words you have six months from mortgage application to complete on your home purchase.
If as time goes on you think your new home isn’t going to be ready within that time you may be able to get the lender to extend the offer during the period, but in most cases your mortgage application will need to be re-assessed by starting your application all over again.
MAKE SURE THE SPEC IS WHAT YOU EXPECT
NHBC warranties and the like are not going to cover workmanship and quality finishes. So make sure you’re happy at every stage of the build with how your new home is shaping up, but especially before you complete.
By the time you instruct solicitors you should have seen copies of the plans and specification of what the developer intends to
build. The more detail this shows, the better. In fact, properly prepared plans and specifications will tell you exactly what you are getting – to include design, measurements, the type and quality of materials and decorative finishes. If you’re buying off plan, don’t rely solely on the developer’s promotional material and a visit to the show home.
KEEP THE PRICE RIGHT
Many developers offer incentives to differentiate them from other local developers, such as free furnishings, a car parking space, or by paying your legal fees or stamp duty. If you can’t negotiate money off the price, the offer to pay your stamp duty is probably the best freebie to take up as it will probably save you the most money, but be aware that any incentives offered by the developer over about 5% will impact on how much your lender is willing to hand out.
When buying think about whether there is scope to add value in the future – a conservatory on the back, or a landscaped garden or loft conversion. You may not be able to afford it now, but it may be an option in the future or make your home an attractive proposition to future buyers wanting to add value.
You can read more advice at hoa.org.uk
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