It's hard to argue with the benefits of buying a newly-built property; the prospect of quicker completion, a blank canvas for your decor, integrated eco-friendly features and attractive financing options is indeed extremely appealing. However, that doesn't mean you shouldn't take care when selecting your ideal newbuild.
Read our guide to find out what to consider if you want to go down this route.
The Property
It's important to know exactly what you'll be getting when buying a newbuild, but this is sometimes not possible if you can only look round the show home or if you're buying off-plan (i.e. if the property/development doesn't actually exist yet). In the case of the former, see if the developer would be willing to let you see another of their builds that's similar to the one you want to buy, even if it's in another location entirely, just so you can get a good idea of what it's like.
If you're in the latter situation, examine all floor plans and specifications carefully, bear in mind that any images will simply be mock-ups and may differ from reality, and check that your new home is as described when you actually come to move in. In both scenarios, be sure to take note of the interior dimensions of each room so you know whether your existing furniture (if you have any) will fit.
One last point - it's easy to assume your new home will be absolutely perfect from the get-go, but defects can sometimes come to light after you move in. Choosing a property from a developer that offers warranties for this sort of thing (such as this one) can be hugely beneficial in limiting the disruption and expense this can cause.
The Site
If there are already residents living on the site, it's worth chatting them to see how they like it and to find out more about the area and developer. You should also take steps to check that the site is properly managed - it's worth finding out if the manager in question has a good reputation for sound supervision of the site.
This is a given when buying any property, but it's also important to ensure the transport links and schools (if relevant) are adequate for your requirements. Some developers will offer information on this, but it's always good to conduct your own research.
The Developer
Buying from a trustworthy developer with a reputation for quality properties is a must. Do some research on the web and check whether they're a member of the National House-Building Council (NHBC), which sets standards that builders should adhere to and also regularly inspects the properties themselves.
The NHBC also provides one of the warranty schemes mentioned in the last section - the Buildmark initiative. This make the builder responsible for correcting certain defects that are identified in the first two years of your ownership, and also includes insurance for rectifying some types of damage in the following eight years.
Financing Your Purchase
If you're a first-time buyer or simply don't have much of a deposit to put down, the good news is that there are several financing options attached to newbuilds to make it easier for purchasers to acquire their new home. These include the government-backed NewBuy scheme, which only requires a five per cent deposit, and shared equity initiatives. Existing homeowners can also take advantage of a home exchange service to speed up the process of selling one property and buying another.
You can sometimes negotiate with the developer to include certain things in the price, too, such as flooring and fences. While this isn't guaranteed to always have a positive result, it's worth speaking to the builder in case they're willing to bend a little.
