By Tara Millar
A good way to get onto the property ladder is to purchase a new house from a developer. In posts I have written in the past, I’ve detailed several offers targeted towards first time buyers in particular, which can be advantageous in a number of ways.
I discover that some first-time buyers can be frightened of buying a new dwelling, but designers adore you. You are not in a sequence, which means you don’t have a house to get rid of first, and consequently, you aren’t waiting for somebody else to sell his home so you can move in. This is grand news for a designer who does not like troubles, long procedures or offers falling apart.
In terms of good customer service, it can also appear good for a deveoper to be seen assisting new home owners. Nothing can be more heart-warming than a tale concerning a developer, generally regarded by the public as a cash-grabbing chancer just out to make a quick buck, selling a first house to a young buyer.
We’ve all witnessed the photographs in the press of a nice young person or couple, sitting on the sofa in their beautiful new home (usually staged in the show flat so the picture appears better). To be fair, a number of home builders really do care about first-timers, and you can recognize them pretty quickly by going onto developers’ internet sites to see what initiatives and guides they have for first-time buyers.
A modern house in Britain typically means a one or two bedroom flat. A number of builders call them apartments, making them sound dreadfully posh, but apartment means the same thing as flat. The advertising departments of new-build homes prefer to use the word apartment, as it makes the property sound more opulent.
As a lot of first time purchasers are buying later on in life now, they are starting to leap one or more rungs up the ladder and buying larger flats or even a small starter house. This offers additional options, and often, you get improved value from a bigger flat or small residence than a one-bed room flat. As one bedroom apartments are favourites of new buyers, and investors who are wanting to rent them out, the rates may seem to be higher for the space that you actually receive. The catch, of course, is you need that extra bit of money in the first place to purchase a larger residence.
No matter what you choose, you need to understand the pros and cons of buying something brand-new.
New beginnings: the pros of buying a new property
No one has ever lived in your dwelling before and you’ll be the first person to have the benefit of its unsullied freshness.
There is no labor for you to do, saving time, effort and money.
New properties are more environmentally friendly and can be up to four times more energy efficient than an older home, leaving a smaller carbon footprint and reduced costs.
New properties by and large come with modern design and technolgy, fitted bathrooms and kitchens, wiring for sound and home entertainment systems, and high-pressure showers.
Security is typically higher, from secure double glazed windows, materials that are fire resistant, circuit breakers, as well as smoke alarms and modern locks, reducing insurance premiums and give you more peace of mind. There may even be a doorman or porter in a receiving area or foyer.
Up to date materials mean you don’t have to ponder about leaks or parasites.
Most times you can tailor your new dwelling by picking out paints colours, tiling, curtains and selecting the carpets.
Sometimes, plumbed-in new appliances are included in the price, which means not having to choose, buy and install them yourself.
You are unlikely to be surprised with any nasty surprises, such as difficulties with the wiring or plumbing, as most new houses are blanketed by a 10 year building guarantee. However, beware of developers cutting corners and giving you a polished look that hides a tired infrastructure.
The cons of purchasing a new house
A new house usually costs more than an older property. You are paying extra as a new house does not need any work done to it.
Based on when you move in, it is likely you will have to put up with noise, dust and other disruptions while the rest of the scheme is finished. Typically, this can take two to three years.
Even in the nicest of new houses, you have to expect some ‘snagging’. It can be frustrating and time-consuming if they have to return several times to right a wrong.
The community might be new and not well established, and would therefore not have all the promised amenities , such as: leisure amenties, coffee shops, and shopping facilities. Also if the builder begins to have financial troubles, some of the homes may not appear as they did on the advertising, or they might not be constructed at all.
As you could be purchasing your new residence ‘off-plan’ meaning buying a home before it’s actually constructed – you are taking a chance that the results might not be as projected. Also, you have to wait until it’s ready before you get to move in. So, should I purchase a new property?
The quality of new homes has improved tremendously in the last 10 years, but be mindful that the average size of new housing has decreased. If you are into buying the best bang for your buck in regards to square footage, then a new home might not be for you.
Something else to consider is: longevity. Ask yourself how long the property will work for you. If there’s not a lot of storage space and you’re about to get married and start a family, possibly you should think about other options, like buying a second-hand property you can do up and extend.
Buying off-plan is where a buyer purchases a property before it’s built. As you are unable to view your new house, you have to rely on the blueprints, and other information used to advertise the property from the builders, as well as computer generated imagery to give you an idea of the final result.
In some circumstances, a show flat or show home will be manufactured to give you a better indication of what your home will look like. You can get a good idea of space and how different areas will look, so a show home can be useful if you’re buying off-plan.
How to purchase off-plan.
Buying a new house off plan demands that you do your homework. The designer or agent should be able to acquire actual room sizes and layouts.
Before making the final decision and signing on the dotted line, go and look at other properties or plans that the developer has produced. This is extremely significant, because you can actually see what the design is like, and how good the quality of materials and construction will be on your own location. Talk to people that currently reside their, to get their opinion on the developer. If anyone has moved into your own scheme already, do have a chat with fellow-residents there, too.
The next step is picking the actual property, a plot of land where the new house will be built, or in the case of an apartment, which you will occupy. The trick here is to really walk around the location and this is when you want your compass in hand. Which way the flat or house is facing is crucial, and based on when you want the sun facing a veranda, terrace or even a living room window is all-important. Some people want sunlight in the mornings and some in the evenings. Only you know how you live and which you favor.
Check for any future development plans round the site. There was a development in south-east London, not from the Thames, which I took a look at. A keen, young salesman was reassuring me the view of the river would last forever. Of course, I was aware that it would not be, as a new expansion was scheduled to be built right in front of the structure. A quick inspection by you, or a solicitor, of the local authority’s planning website is likely to reveal any future plans and or proposals.
A different helpful article by Tara Millar, resource of important home selling information. New to home buying or selling? Team Tara can – http://www.taralyons.ca help you.