New build homes are a great option no matter if you're a first-time buyer or downsizing later in life. But what's certain is that buying your home is probably the most expensive investment that you will ever make.
Buying your newly built home
To help you through this process here is our comprehensive guide to getting your new-build property.
1. Think about your budget
Decide how much you can afford to spend. If a mortgage is required, you will need to get some advice from your preferred lender/broker who will tell you how much you can borrow. You will also need to budget for additional costs such as legal fees, Stamp Duty, council tax, and utilities.
2. Find your ‘ideal home’
Not all housebuilders work the same way, and one developer’s offerings can be hugely different from another’s. You will need to pay the home builders a reservation fee, which will reserve your plot for 28 days. Typically, you will exchange contracts within this time.
3. Apply for a mortgage
We wouldn’t recommend that you exchange contracts unless you have finance in place, so you must ensure your mortgage offer is valid. Make an appointment with your chosen lender and agree on a mortgage in principle.
4. Appoint Tozers as your solicitor
At Tozers, we offer a very competitive price for a freehold and leasehold purchase and have years of experience dealing with the issues that arise on a house purchase, particularly concerning newly built properties, as well as acting on related sale or part-exchange properties meaning you have continuity with the same person dealing with your file.
We also deal with Help to Buy and Help to Buy ISAs and are on the mortgage panels of all the major lenders so can assist with the financial side.
Appointing a solicitor will do a number of things to make sure you’re protected and the purchase can go ahead without any problems.
5. Property valuation
Although you are purchasing a new build, your lender will still want to confirm the value. You will also need to survey this stage.
6. Searches
We will carry out any searches required and make enquiries about the property which you are purchasing. These will then be shared with you for you to check and confirm.
7. Exchange of contracts
As soon as all legal work is complete, and we have received the results from our local searches, we will exchange contracts. You will pay your deposit at this stage and will then be given a completion date so that you can organise your move.
Once contracts are exchanged, it will be your responsibility to arrange home insurance.
8. Completion
Completion is the final step and you will become the legal owners. You will be able to collect your keys from the site office and move into your new home.
Find out more
To find out more about the process or further information about new build homes speak with one of our new build property team specialists.
