Why buy a new build property
If you are looking to buy a new build property, then Hawes & Co are able to help you. Our New Homes department works closely with developers to provide a wide selection of brand new homes to the market.
Buying a new build property can be incredibly exciting. Whether it's your first home, you're upsizing for extra space, downsizing to something more manageable or buying as an investment, new builds have so much to offer. From high building standards, to choosing your fixtures and fittings and picking exactly which plot will be your next home they are a great way to buy your next home.
New homes are subject to rigorous testing and, increasingly, higher standards of quality not only in construction, but with fixtures and fittings too. They outperform older houses including those built just ten years ago in terms of energy efficiency. Features such as double glazed windows, insulated walls, and energy-efficient heating are common in new-build properties.
View the development
Before investing in your new build property it is a good idea to attend an open day. Developments will often hold open days and this is a good chance to view the properties and the development as a whole. You can walk around the show home, ask questions about fixtures and fittings and get a feeling for the area. There are often incentives that run alongside open days too. Such as cheaper deposit, help towards moving costs and stamp duty.
Fixtures & fittings
With a new build, you often have the advantage of choosing the kitchen and bathroom style along with flooring and tiling to make it exactly the home you want.
The earlier you reserve, the more choices you will have, which may include a variety of carpet and floor coverings. However, be aware that not all developers include floor coverings as options.
Reserve your plot and future home
After deciding on your plot, you will pay a fee or deposit. The amount can vary between developers and you should always check how much of the deposit will be returned if you are unable to proceed to full purchase. Once you have paid the deposit, your plot will be taken off the market and you will be advised of approximate completion dates. You will then be added to the reservation list and provided regular updates. Remember that time frames and completions dates are subject to change so you may need to be flexible about your move in date.
Buying a new build comes with a guarantee and the peace of mind that everything is brand new. Most new builds offer peace of mind through the provision of a 10 year building warranty
Check with your developer what their guarantee covers and how long it lasts for. At the handover of your new build home, your developer will normally spend some time with you to show where everything is and give you the guarantees for kitchen appliances, boilers, etc.
Help to Buy
Many new build and developer properties have the option to buy your new home with support from a help to buy scheme, allowing you to buy a home with just 5% deposit. You can read more about the Help to Buy Equity Loan in our guide. If you will be taking advantage of a Help to Buy equity loan, you'll need to check that the development is participating in the scheme.