Buying a new home is a significant investment and one which the new homeowner needs to be mindful of. If you’re a first-time home buyer, I’m sure the process of getting a mortgage is stressful enough without having to worry about all the extras. If you are looking to invest in a new build home, there are certain things you should be mindful of.
Here we outline our top 10 essential first time home buyer tips for new developments.
Condition of Development
When you go to view houses, you should by this point have a good idea of the area you would like to live in. You should visit as many developments in the area as possible. This will enable you to get an idea of what the average condition of a site should look like.
A site should look tidy and well managed. An untidy or messy site will let you know how committed the site manager is to quality and this should be a big influence on the developer you decide to go with.
Don’t Just View Showhouses
If there is one bit of advice for first time home buyers it’s this: don’t just look around show homes. Showhouses are there to impress you and will have been maintained to a high standard as no builder wants you looking at an inferior product.
Think about the style of home you want to invest in. If there is no show home for the desired style, ask if one is available for you to look round.
Ask Questions
You’re a first time home buyer. It’s OK to have a million questions run through your head at one time. It’s OK to not fully understand the process of buying a home and it’s OK to ask as many questions as you like.
When you sit down with the sales executive be prepared. Have a list of questions available of everything you want to know. A great first time home buyer tip? ALWAYS ask who the warranty provider is. If there is no warranty provider be very careful. Ask about the builder’s defects procedure and remember, don’t be afraid to ask question after question.
Enquire about Future Developments
Ask the sales executive if there are any future planned developments around the site and who owns them. Any new developments could affect the value of your property.
Ask about Boundaries
Top home buying tip number 5. Always check exactly what you are buying, especially the boundaries of your new property. You can usually get an idea of where the boundaries for your property is by looking at its title plan. You need to be confident about this as boundary disputes can easily turn into costly legal matters.
You should also make sure the roads are being adopted by the local council as you don’t want to have to pay a maintenance charge for the road.
Check the Management Company
Always check if there is a management company and what fees they charge as you don’t want to be surprised with an unexpected bill.
Read the Consumer Code for House Builders
Another top tip for first time home buyers is to ask a sales executive for a copy of the Consumer Code for Housebuilders. Make sure you read through it properly. The code outlines the requirements the builder must meet when marketing and selling their homes.
Expect Dates to Move
Be mindful that the original completion date that your builder will give you normally moves. For such a big project, hiccups and delays are bound to happen so don’t be alarmed or stressed if you find the completion date is being delayed.
Take the completion date as a rough estimate and don’t expect to move in on the date given.
Check that Paid Extras are Complete
Most first time home buyers will pay for extras. During your home demonstration, it is important to check that all these extras have been completed and/or installed.
Again, I’m sure you don’t need a reminder but ask questions. Ask the builder to fully demonstrate the heating and other systems. During your demonstration, check for any defects and list them on the demonstration form.
We have a great snagging checklist available for you to use, so you are aware of all the defects you need to look out for.
Hire a Professional Snagger
You want your new home to be perfect. When looking to defects, if you are not properly trained or qualified you will undoubtedly miss some. This could cost you money in the long run. It is better to invest in an independent, professional snagging company before you move in. They will check the exterior and interior for any defects and give you a report of findings to hand to your builder so any mistakes can be fixed before you move in.
So there you have it, our top 10 essential first time home buyer tips for new developments. If you have any questions regarding your move or if you are in need of a professional snagger, get in touch and we’ll be more than happy to help.
Thinking about buying your first home? These are the 30 questions that you should ask the builder.