One of the most important decisions in your life – buying your own home! If it’s a new build, the excitement and appeal is even higher. Maintenance, repair and decoration costs will probably be minimal in the early years. Being the first person or family to live in the home can make it even more attractive.
However, wait! Before this big purchase step, there are some crucial details you should acquaint yourself with when looking at a new construction home. All in the property market, including the Berkhamsted estate agents, are aware of the numerous factors that necessitate thorough examination before deciding on the perfect home for you.
Research on developer and property manager: The developer assists with immediate problems in a new build, but the property manager is responsible for addressing issues. The manager’s role can impact your wellbeing and comfort of life. Hence, it is important to run a background check – online references and, if the building is partially completed, obtaining information from neighbours could be helpful. The quality and services offered by the property management company should also be clarified.
Concealed costs: Before making an offer, details of what is included in the price should be sought. Sometimes, there are missing necessities such as appliances in the home or exterior essentials such as fencing, landscaping or decks. In spite of being a new build, there could be hidden defects and expensive upgrades. Ask for the warranty and go through it carefully.
Terms and conditions: These should be scrutinised and clarifications sought regarding service charges (including future increases), maintenance and management fees.
Budget and negotiation: Calculate the amount you can afford to pay. Older properties can be negotiated, whereas there is usually no bargaining on a new build, especially since the demand exceeds the supply. However, at times, the builder is keen to sell quickly, possibly to meet financial targets or for other reasons, and may be willing to negotiate on the price.
Parking: This can be a problem, especially if an owner has one or more cars or entertains visitors. There should be adequate parking space.
Gardens and drainage: Most people are garden enthusiasts, so it is advisable to check the soil quality – topsoil and the ground below. Drainage should also be examined, to ensure that water flows easily and does not get blocked partyguise.
Location and orientation: Many buyers wished they had been more careful in considering which level, which side of the building the site was located and which side it faced – in terms of noise, warmth and lighting.
Snagging surveys: An inspection is conducted and a “snagging list” of minor construction faults or problems is made. This is very important as a professional snagging surveyor is able to point out indiscernible issues which can then be rectified by the developer.
Visits at different times: Seemingly insignificant, but checks at different times of the day and during weekends will give you an idea of the noise levels, traffic congestion, lighting, night life, mobile signal strength etc. Security around the development should also be examined.
Development plans in the area should be studied, so you are aware of any work that will continue after you move in. These could include green spaces, housing and road work. You will then be prepared for the dust, noise and discomfort that could accompany such works. Resident groups, either online or in person, can help in preparing you for what to expect.
Premium on New Build: A new home usually costs more than an older property with similar space. Everything is new and the premium makes the worth of the property higher. However, you should take into account that any fluctuations in the market could lead to negative equity. If you need to sell, you may get less than the cost.
Delays: Be prepared for delays, if buying before completion. It is wise to agree with the developer on a time frame in writing, so that you will be paid compensation in case of delays. Regarding mortgages, the validity of the offer is important and any unforeseen delays should be taken into consideration.
Conclusion: The government’s rules for eco-friendly homes and the new standards for climate change make new builds energy efficient with less expensive costs. Heating in winter is awesome, but since the heat is retained really well, it could become uncomfy during hot summer months. Problems will have to be faced, either with a new build or older home. Quoting from a professional, between buying a new build and a previously owned one, “The difference is in the types of issues you encounter rather than the volume.” Being aware of what to look out for will ensure that you enjoy all the benefits of a new build home lifestylefun.
