Tips For Buying New Builds | Help Buying New Home | Mortgage for New House Witney | Money Advice New Home

Tips for buying a new build

Tips for buying a new build 1024 576 NGI Residential Mortgages

According to data released by the Ministry of Housing* there were 241,130 new homes completed in 2019, which is more than any other year since the report was first started back in 1991. They are certainly a very popular choice and here are some reasons why:

  • People love anything new and they relish the fact that they will be the first to live in a new property
  • New homeowners can decide exactly how the property will look. They can select all of the fixtures and fittings and it is all included in the purchasing price.
  • No need decorate for at least 2 to 3 years
  • Properties come with a long warranty period so if anything goes wrong with the property it will be fixed at no extra cost
  • Modern homes are built to industry standards which results in houses that have lower running costs and energy builds

When you are considering the purchase of a new build there are some key tips you should follow to make the process as smooth as possible:

  • Do your research on the developer, check out their reviews and the site location then, providing the findings are positive, start to build a relationship with the developer. Do they have any other development sites you can view to explore their own portfolio?
  • Start talking to other’s who are considering a purchase or who might have already completed a purchase. Ask them for some ideas on negotiation and what to check before buying.
  • Do not just rely on what you read, or the sales material provided by the developer. Explore the area, look at transport links, local facilities and further plans of development that could affect the property in the future.

One of the biggest areas often forgotten about until a new home has been found is your financial situation and what mortgage you can afford. Often people will find their dream home and then will start to look at mortgage options. The best time to actually look at your financial requirements is before you even start the property search. If you get your finances organised and know what mortgage you can afford you can then start the new home search secure in the knowledge of what you can afford. There are lots of new build mortgages available that can help you to secure the house of your dreams.

* Source – https://www.theguardian.com/society/2019/nov/14/house-building-in-england-at-30-year-high-government-data-show

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.