There’s currently a huge focus on new homes as the government and housing developers try to meet the shortfall in property that is being experienced across the nation. New homes are being subsidised to make it easier for people to be able to afford them, and there are extra incentives available to make new homes more affordable particularly to first-time buyers. Here are some of the things you need to think about when buying a new build home.
- Consider Your Mortgage Carefully
It can be a little more difficult to secure a mortgage on a new build since lenders may not be willing to extend the maximum value on a new property as they would for an older property. You may not be able to borrow the 90 percent value of the property as you would for an older home.
You should also consider that timing your mortgage may also be a little trickier since an offer on a mortgage is usually valid for six months tops, and the completion date on a new build may be a lot further away, since it is actually being built at the time. You may have to reapply or have your application reassessed, and it is always a good idea to keep your finances stable and your living conditions the same, i.e. don’t change your job during the run up to a new build purchase.
- Find the Ideal Development
Since there are many opportunities to buy a new home, you need to find the best development to suit your needs. Check out the area, the amenities, the quality of the build and the reputation of the developer, for example the mornington new homes development.
- Choose Your Ideal Property
Look carefully at the show home, without getting overwhelmed and distracted by the fittings and features that are displayed to make the best impression on you, and look carefully at the plans. Consider the details such as location within the development, layout of the property, features, and price. It can be much more difficult to see yourself living in a place since it has not actually been built yet, which is why some critical thinking is in order.
- Get Ready for the Move
Employ a solicitor to handle the legal sale, get your mortgage approved and pay the deposit on the property. Before you move into a new build home it is a good idea to get a snagging survey to check for any problems – a new build should not have any, but it is always a good idea to make sure.