When you’re buying a home, one of the first decisions that you have to make is whether you’re going to buy an older property or a new build. Some people decide to go for an older property because you can usually get a better price if you’re willing to put a bit of work into renovating the place. However, there are a lot of potential problems to watch out for with an older property and if you’re not careful, you could end up buying a money pit. That’s why a lot of people opt to go for a new build because it’s a lot simpler. As soon as the house is built and ready, you can move in without having to make any repairs and renovations. However, buying a new build isn’t always as easy as you think and there are things that can go wrong, so you need to be careful. If you’re considering buying a new build, here are a few things you should know.
Know The Financial Situation
Buying a home is one of the most important decisions you’ll ever make, not least from a financial perspective. Therefore, it’s vital that you know the sums. A loan calculator UK platform should enable you to gain a deeper understanding of how much the new build will cost you. This includes knowing the full costs as well as working out the monthly repayments. Of course, it’s imperative that you pursue all mortgage lenders to get the best deal. If you are a first-time buyer, you should also familiarise yourself with stamp duties and other expenses that will be encountered.
Don’t Get Fooled By The Show Home
If the property is still being built, the developers will use a show home to give you an idea of what it is going to look like. Most of these houses are very similar so the show home does give you a good picture of what the bare bones of the house look like, but remember that your home might look different. Show homes usually have limited furniture in them and they’re set up to make the space look as big as possible, but they can be quite misleading because the developers use a lot of sneaky tricks. Think about what space you’ll actually have once all of your furniture and all of your stuff is in the house. The show home is there to give you a sense of what the house is like, but you need to take it with a pinch of salt.
Don’t Skip The Survey
You always need to have a survey carried out on an older property to make sure that there aren’t any serious problems that are going to be expensive to fix. But a lot of people think that you don’t need a survey on a new build because it hasn’t been lived in yet, but that isn’t the case. There have been a lot of reports of poor workmanship on new build properties that have been built in a rush. It’s worth getting a company like Allcott Associates to come in and check the quality of the build before you agree to buy. There are a lot of people that are stuck with houses that have major problems, and they can’t sell them on, so it’s better to be safe than sorry and have a survey done.
Negotiate On Price
If the home hasn’t been built yet, you don’t know exactly what you’re getting and so finding the right price can be tough. Don’t assume that the developers have priced the property accurately, compare prices with similar developments nearby and then negotiate on price. No house price is ever set in stone and you could get yourself a better deal.
Buying a new build is usually easier than buying an older property but you still need to keep these important things in mind.