Book a Property Valuation
logo

Buying a New Build: All You Need to Know

Posted on: Thursday, January 26, 2023

Buying a new build home is a slightly different process to that of buying a traditional house, but there are many benefits to be reaped from buying one of the most modern and up-to-date houses on the market. Read on to find out everything you need to know about buying a new build home.

 

The benefits of a new build home

New builds have plenty of appeal for buyers, one of the most notable being the opportunity to be the first person to live in a brand-new home. Repairs and redecoration costs are also expected to be kept to a minimum in a home that hasn’t been previously lived in, allowing a ready-made appeal. New build buyers can also often select fixtures and fittings to tailor the property interior to their taste – eliminating the need for them to do any of the work themselves upon moving in. 

 

Why new builds make a great first home

In accordance with the Government’s First Homes scheme, first-time buyers may be able to buy their home for 30% to 50% less than its market value. To secure this discount, the home in question needs to be new and built by a developer, or purchased from someone else who originally bought it as part of the scheme. Since new build homes have to comply with the latest UK building regulations, they are far more energy efficient than older properties, allowing the owner to save on energy bills. This can feel like a huge relief for first-time buyers who might not be used to paying hefty bills each month.

New builds have plenty of appeal for buyers

 

The downside

If you’re thinking about buying a new build as a first home, unlike other properties, you will most likely need to plan on living there long term. This is because new builds take a lot more time to grow in value than older homes. A new build that has been lived in for a couple of years has much less appeal than a brand-new home or a well-established home, so your pool of potential buyers will be small in the first few years. Being the first owner, you will also be the first to test out the property and discover any potential issues. This can be challenging to navigate if you have never owned a home before. 

 

How to fix problems with a new build

New build homes hold the promise of being ‘ready-made’, but unfortunately, this isn’t always the case. As mentioned previously, the first owner will be the first person to truly test out the home, so there is potential for faults to present themselves after moving in. The good news is; many house builders and developers offer a warranty and protection scheme from the National House Building Council (NHBC). More than 90% of new homes built in the UK are covered under a warranty as home builders would struggle to sell a property without one, and mortgage lenders usually insist on it. Other than wear and tear, most policies will cover all major defects in the home, and you should contact your builder directly in the first instance to resolve the issue. 

 

Finding the right home

When buying a new build, you may have to option to buy ‘off plan’ – which means buying a home that is yet to be built. This is a great option if you’d like some say over the construction work, but there are a few things you’ll need to keep in mind:

• You will need to double-check what is included in the price, like kitchen fittings and carpeting

• Some mortgage lenders will be deterred by off-plan properties, so it’s important to do your research when finding a lender

• You will be given a long stop date and a short stop date. The short stop date is when the developer expects the building to be ready, whereas the long stop date is the deadline in which the property needs to be built by.

When buying a new build, you may have to option to buy ‘off plan’

 

Leasehold vs Freehold

Finding out whether your prospective home is freehold or leasehold is extremely important, as your future prospects for this home will be dependent on this factor. Leasehold means that you are given a lease from the freeholder to live in the home for a designated number of years. Thankfully, the leases for new build homes are usually long term – ranging from 90 years, 120 years or even as long as 999 years. However, there are certain conditions attached to a leasehold property and you will need to weigh up whether the restrictions will allow you to own the home as you desire to. 

 

Find Your First Home with The Guild

Ready to search for your first home? The Guild are here to help. Our team of trustworthy professionals will guide you through the process whilst offering as much help and advice as possible.

 

 

What Our
Clients Say

"

I would highly recommend Hardings. Their knowledge of the local area is outstanding, and they give honest and reliable advice. They have always been my partner of choice when buying and selling.

Rhiannon Prothero

"

Have used Hardings for many year on both personal and commercial property deals. Have always found them to be transparent, honest, authentic, and a pleasure to work with. Will continue to use in the future.

TB

"

I would highly recommend Hardings Estate Agents. They have excellent knowledge of Windsor and the surrounding areas, and are extremely professional, responsive and courteous. I would not hesitate to using them again the future. I recently dealt with Milica who was instrumental in securing us our new home in Windsor as well as the sale of our existing property. She was a fab negotiator and a real pleasure to work with from beginning to end. Thank you!

Jonathon Beresford

"

Hardings of Windsor managed our purchase with complete professionalism and went over and above in my opinion to manage the transaction and chain, resulting in a really smooth purchase. Milica at Hardings constantly provided timely updates and managed respective solicitors and the chain effectively, always responding quickly to queries. The whole transaction would not have happened without Milicas' focus on making all parties comfortable and satisfying all queries, not only professional but a delightful and welcoming personal approach that was a constant throughout. Thanks Hardings! Thanks Milica!

Stuart Blatch

"

I would recommend using Hardings estate agents when buying or selling your property. Dominic (Scully) was always available, helpful and genuinely interested in my purchase and always calm and compassionate. If I ever move again my first choice will be Hardings.

Cath Powell

"

Dom and the team at Hardings were so helpful and efficient when I purchased my flat - friendly and professional service and kept us up-to-date the whole way through the process. It was my first time buying and so was very nervous but they helped me feel at ease.

Freppell

"

We bought and sold through Hardings and can't recommend their professional service enough. The whole Team are really lovely, we were kept informed throughout the process and never had to chase anything.

Natalie Quint

"

I used Hardings when I bought my property as well as when I sold it and the service has been fantastic both times. I very much recommend Hardings!

Therese Jouini

"

We recently purchased our new home with Hardings Estate Agents. The whole team there were very helpful and flexible with us, arranging viewings quickly on the same day. They were always quick to respond and if ever our point of contact was not there, the service did not change as they work well together as a team. We received a personalised service, which allowed the sale to proceed quickly. Thank you all and we recommend Hardings Estate Agents without hesitation.

Mike B

"

What a pleasure it was to deal with Milica from Hardings. She sourced the perfect property for me and my family (while we were still abroad) and worked endlessly to put the deal together. I would give more than 5 stars if at all possible!

C D

"

Fantastic customer service and made what could have been stressful a total breeze. Dominic and Louisa were brilliant in helping me and my parents buy and sell our houses - reliable, helpful and thoughtful. Thank you!

Eloise Harris

"

Thank you, Dominic and Louisa - having not moved for over 30 years you helped me all the way, step by step. You were always polite, communicative, reassuring and very supportive. Would recommend Hardings wholeheartedly.

Anna Bowen
How Much is Your Property Worth?

How Much is Your Property Worth?

A senior member of our sales team will visit your property to discuss current market trends and how your home; based on size, condition and location should be pitched to achieve the best possible price and buyer. Coupled with an excellent understanding of the local market we do a detailed analysis of what else has sold and what is coming onto the market so we can give you the best chance to capitalise on your biggest asset.

Book a Valuation