Considerations when buying new builds
Demand for new builds is on the up due to more people seeking energy efficient homes, but research1 has revealed other factors people wish they had considered before purchasing a new build.
Top of the list (36%) is researching the property manager as well as the developer, closely followed (35%) by checking out the parking arrangements, including the on-street parking situation.
A common problem on developments can be drainage; 19% of respondents recommended checking this out. Other top tips include booking in a snagging survey early on (18%) and visiting the property at different times of day (15%) to check noise, lighting and mobile reception. Ten percent of respondents wished they had checked the terms and conditions more carefully, while 9% wish they had communicated proactively with the developer and ensured they had everything in writing.
Paula Higgins, CEO, HomeOwners Alliance, commented, “Don’t assume anything when you’re buying a new home. There’s a lot more to research than you think. And with a new build in particular, you need to look beyond the glossy marketing brochure.“
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments