Buying a new home is an exciting time. You’re getting your very own newly built home filled with all your own personalised fixtures and fittings.
If a new development site has had the go-ahead in your area, it’s likely to have plenty of demand. Nevertheless, new build property doesn’t come without its fair share of complications. The potential for something to go wrong is much higher, so it’s important for new build buyers to ask developers the right questions and have a conveyancing solicitor who can oversee the purchase.
Here are some questions we recommend you ask before committing to a new build property:
Find out what you’re getting
Unless the property is still available after being built, it’s likely you’ll buy a new build home without actually seeing it in bricks and mortar. So, it’s vital to look beyond what is shown in the show home. This won’t necessarily be an accurate representation of what your site will look like.
It might seem obvious, but ask the developer to explain in detail what you’ll be getting for your money. Garden turf, white goods, parking spaces etc.?
Open to offers?
Just because the house is a new build doesn’t mean you can’t negotiate on the price. This is a point often missed by many buyers and is one that can save thousands of pounds. Remember, no sale price is set in stone.
The earlier you register your interest the more choice you’ll have, offering potential for a better deal. Similarly, there is a good opportunity for a deal when there are only a few properties left to be sold on the site. If some of the properties on the site have already sold, you can easily find out what they sold for – information that you can use as a bargaining tool.
How many other units have been sold?
Brand new homes often don’t spend long on the market. By asking how many units have sold and the amount of interest there has been in the others, you can get an accurate representation of how much time you have before making a decision.
It is also advisable to find out details of anyone who has bought a property on the development. Age range, family size, children etc. can all give you an idea of what life will be like. On a new development site, it’s likely that you and your neighbours will move in at around the same time, which can help harbour a new friendly community.
Chance of some additional extras?
You might only buy a new-build home once in your life and you won’t be getting anything added on if you don’t ask.
Seeing as the property is going to be custom-made, it’s only right that the property should be made see what extras you can get thrown in as part of the deal. Light fittings, tiling, flooring etc. are all there to be asked for. If you don’t ask, you don’t get.
Can I see your warranty?
When you’re buying a property off plan, make sure your builder in question is part of a warranty scheme. A warranty scheme gives the buyer protection if something goes wrong after the deposit has been placed.
Never proceed with the purchase of the new build property if the builder does not offer a recognised warranty.
What’s the time-frame?
Find out when you can expect to be moving into your new home and what the builder’s history is in getting other development sites completed in time. Alarm bells will start ringing if you discover they frequently go months or years over the expected completion date!
It’s recommended to get the builder to agree a ‘long stop’ completion date which means he’ll be liable to pay you compensation if he doesn’t finish the work by that date.
Get a local Leicestershire conveyancing lawyer
To find out more about how Bray & Bray conveyancing lawyers in Leicester, Hinckley and Market Harborough can help you with conveyancing in Leicestershire and surrounding areas, contact your nearest office today.
You can call us on the numbers below for a quote, or take a look at the members of our current conveyancing team, which includes chartered legal executives in residential property law.
Hinckley: 01455 639 900
Leicester: 0116 254 8871
Market Harborough: 01858 467 181