A Step-By-Step Guide to Buying a New Build HomePosted on September 11th, 2019
Buying a brand new home is incredibly exciting. However, the process of buying a new build is quite different to that of buying a home which has existing inhabitants. Here is a step-by-step guide to buying a new build home so that you know what to expect.
Step 1: See what you can borrow
Whether you’re buying a new build or not, your first step should be to see what you can afford to borrow. This is often referred to as a mortgage agreement in principle. Once you have this figure, you can then begin to set realistic expectations for the homes that you consider.
Step 2: The property search
You know what you can afford… now you just have to find it! The property search is a fun yet frustrating time, as you will either have a particular idea of exactly what you want in a home, or you’ll have no idea at all. Each of these extremes comes with its own challenges.
However, you will likely have plenty of choices in terms of the features, design and location of your home, so there’s no need to stress. Even if it takes longer than you imagined it would, you will most certainly find the home for you.
Step 3: Reserve the plot
You’ve found your dream home and now it’s time to reserve it. To do this, you will have to pay a reservation fee (this will be deducted from the purchase price of the home when you complete the sale). Reservation fees are non-refundable, so do make sure that this is the right home for you and that you have the ability to cover the costs involved.
Step 4: Legalities
After you reserve your home, you’ll need to apply for a mortgage and hire a solicitor. A solicitor is a legal professional who will act on your behalf to deal with the legalities of buying your new build home. You can choose your own solicitor, or opt for the one recommended by your property developer. Ensure that you respond to your solicitors’ requests promptly, as any delays between you and them can cause substantial delays in the legal process.
Step 5: Exchange contracts
This is where the decision becomes final. Once you’ve signed and exchanged contracts, there’s no backing out; the property is now officially going to be yours. You’ll also be asked to pay your deposit at this stage. If you’re purchasing your home with Help to Buy, make sure that your solicitor is aware of this fact, as they will have to liaise with the relevant agents.
Step 6: Completion
The last step in the home buying process is completion. This is where you will have paid for the home in full, all conveyancing fees will have been dealt with, and you will then be given the keys to your new home. Congratulations, you just bought a brand new home!
Start your new build journey
Now that you know the process of buying a new build home, why not browse our stunning selection? We have house types to suit all tastes and budgets, and we handpick our locations to give you easy access to local amenities, schools and leisure facilities. We hope to hear from you soon!Blog page Older Posts Newer Posts