WHAT TO LOOK FOR WHEN BUYING YOUR BRAND NEW HOME
There are so many new housing estates springing up all over Nuneaton and Warwickshire that purchasing a new house is high on lots of peoples wish lists. We are all enticed by the lovely smell of new carpets and paint and love the show homes we see in the area but what are the things we should all look out for when buying a new property.
Obviously the benefits of buying a new home are that you are the first person to live in the property. Repairs and re-decoration should be minimal for the first few years and you can often select fixtures and fittings tailored to your own taste.
New properties usually come with guarantees as well as the NHBC’s 10 year warranty, other companies often provide warranties and insurance for new homes so keep an eye open for that. Often new homes mean lower energy and running costs.
Remember to look at other developments that the builder has built. Speak to other people already on the estate to make sure they are happy with their new homes. Shop around to get a good deal as many developers offer incentives to differentiate them from other local developers.
It is a good idea to plan to stay put in your brand new home for a few years to ensure that it increases in value, so plan ahead. Is it big enough to move your new partner in? Can you fit your new baby into the new property? Think about things that are likely to happen in the next few years.
Can you add value to the property? Could you add a conservatory or a loft conversion in the future?
Bear in mind that if your property is not yet built you may have to pay a reservation fee to secure that property and the developer may ask you to exchange Contracts surely after you reserve your home. Obviously you need to consider this if you have a property to sell and how will the two coincide. This is an important thing to discuss with your Solicitor if your new home is dependent upon the sale of your own property.
If you are thinking of buying a home with someone else who you are not married to, it is also a good idea to discuss with your Solicitor a Declaration of Trust setting out your share and your partner’s share of the property or even a Cohabitation Agreement. These are legal documents that set out arrangements for the ownership of the home while you are living together and what happens should you separate, become ill or die.
There are lots of things to consider when buying a property but often a little more when considering to buy a new property.
At Willsons we are currently acting for purchasers buying properties on many of the local sites including Bellway Homes and Taylor Wimpey. If you are considering buying a brand new property please do not hesitate to contact us on 024 76387821 and ask for our residential property department.
Happy house hunting!
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