People all around the country are opting for new-build homes. Getting on the property ladder is likely to be one of the most significant financial investments you’ll ever make. People are actively looking for new build homes in several areas around the UK including new homes in Surrey.
Simply put, off-plan investments are quickly becoming a hot item for those looking to get involved with property at the moment. According to rwinvest.com, this is due to record-breaking rises in house prices and demand, as well as factors such as low maintenance costs and an easier buying process.
What are the advantages of purchasing a new home?
1. You can purchase a home before it is constructed.
Many home builders and developers provide off-the-plan homes. This means you have the opportunity to select your perfect home before it is completed. You could benefit from equity growth before you even move in if you buy off-plan in an area where property values are rising. You can check Jurupa Valley homes for sale.
2. You have the option to programme in your own preferences.
Some homebuilders and developers allow buyers to select essential design features for their new home. This could include everything from doors, cabinets, and outlets to landscaping, tiling, and the colour of your kitchen worktops. You’ll have more options if you reserve your new house sooner rather than later. It’s possible that you’ll have to pay more for personalization, so read the fine print carefully.
3. New construction is low-maintenance.
When you are moving to a new house for sale in Surrey or any other region, while moving into a new home, you won’t have to do any repairs, maintenance, or redecorating. For at least the first several years, such effort is unlikely to be required. Established for many years, and one of the premier Surrey Construction Company & Architects, TN Design & Build often get booked up 12 months in advance.
4. Your home might be covered by a warranty.
Your new home will come with a 10-year guarantee and protection plan if it is registered with the National House Building Council. The Consumer Code for Home Builders must be followed by any properties offered through the Help to Buy equity loan. The code compels housebuilders to register with the NHBC, Premier Guarantee, LABC Guarantee, and Checkmate, the UK’s primary new home warranty bodies. Over 95% of new homes built in the UK are covered by these warranty organisations.
5. Purchasing a new home eliminates the need for a chain and gives you greater flexibility.
You are not part of an onward chain if you are a first-time buyer or if you are not selling another property. This means you can go at your own pace while purchasing a new property. Without having to wait for other purchasers in an upward chain, move in as soon as the home is ready or select a move-in date that suits you.
6. In a new-build, bills are less expensive.
Newer homes are more likely to feature the most energy-efficient appliances, making them less expensive to run than older homes. Newer buildings are also more insulated and include double or triple glazing, which keeps draughts at bay and lowers heating costs.
7. Safety in new build home
Due to the high building requirements presently required of new-build properties, additional safety and security measures will be implemented. In new housing projects, these typically include fire safety, locks on doors and windows, security lights, alarms, gated entrances, and entry phones.
Steps while buying a new build home
Locating your home
Many new-build homes are sold before they are completed. This indicates that they have not yet been constructed. You might be shown a model home or detailed plans. Off-plan has numerous advantages, not the least of which is the ability to be actively involved in the construction of your new home from the beginning. However, you may need to be patient.
Making a reservation for your future house
You’ll need to pay a reservation fee to acquire a house in a development once you’ve discovered one you like. The cost varies, but it is often approximately £1,000.
Getting the papers in order
The next step is to hire a conveyancer to handle the legal aspects of your transaction. It’s also critical to lock in your mortgage at this point. However, this is a little more difficult than renovating an existing home. This is due to the fact that most mortgage offers are only valid for three to six months. Ensure that your completion date falls within the mortgage offer’s timeframe. Otherwise, you may discover that the deal is no longer valid. In the event of a delay, some mortgage lenders may extend the offer period. There are mortgages designed specifically for new-build residences that offer additional flexibility.
You’re waiting for your new home to be completed.
It can take anywhere from a few months to many years for an off-the-plan home to be ready for occupancy. The developer’s expected completion date is the shortstop, and the developer’s deadline is the long stop. With your house builder or developer, set a long-term completion date. This implies you will be eligible for compensation if the property is not completed on schedule.
Preparing to relocate
Your conveyancer will need to finalise the documentation in the weeks leading up to your completion date. After that, you’ll be able to swap contracts and pay your deposit. It’s a good idea to have a snagging survey done right before you move in.
