If you are thinking about buying a new build property, there are many factors that need to be considered. A lot of people would agree that the process is slightly more difficult. After all, you cannot walk around the property and judge it for yourself. You are buying it based off plans, and you, therefore, need to have faith that the developer is going to build something that is up to standard. Of course, this does not mean that you should simply cross your fingers and hope for the best. There is research that you can conduct to give yourself the greatest chance of ensuring the process goes smoothly and that you end up with the house of your dreams. Keeping that in mind, read on to discover the important aspects that need to be considered when buying a new build.
Find out whether you are eligible for any assistance – This will depend on where you are based and where in the world you are purchasing a property. Nevertheless, there are many housing schemes available for people to take advantage of, and so this is certainly something that is worth looking into further. You may be eligible for some sort of loan or grant, or mortgage assistance. Or, could you be entitled to public housing? In Singapore, residents are able to make the most of HDB BTO launches. HDB is the public housing in the country, and this is where the vast majority of residents in Singapore live. The eligibility criteria does differ depending on circumstances, as there are a number of schemes. Of course, this is just one example of the different types of housing structures and schemes that are available, but it shows why you really do need to explore this further. You don’t want to end up paying more or missing out on any assistance that is available.
The price of the new build – A lot of people make the mistake of failing to negotiate on price. If you are buying a property off plan, it is quite difficult to tell how much it is worth. This is why you need to do your homework, i.e. compare the property with prices of similar developments in the area. Moreover, you will usually get a better deal the earlier you arrive at a given development. Armed with this information, you can then negotiate to get the best price for you.
The developer’s track record – There is no such thing as too much research when it comes to buying a property, especially a new build. Essentially, you are buying into the developer. You need to make sure that they have a good track record and that they are going to be able to deliver the house of your dreams. The last thing you want is to end up with a property that does not reflect the plans or that has been built to a poor standard. This is why you need to take the time and effort to look for the very best. This involves conducting searches online and reading reviews that have been left by previous buyers. These people were once in your shoes, and so their comments can be very useful. You should also see what type of experience the developer has: how many years they have been in the industry. Moreover, if possible, why not take a look around some of the properties they have already built to get a good understanding of what they are capable of?
How long is the house going to take to be built? – When it comes to buying a new home off plan, you do need to be prepared for delays. Things very rarely end up being completed on time. So, when putting your timeline together and planning your moving out date, you do need to allow some flexibility, as it will be a surprise if you are able to move into your property on the date specified. Nonetheless, you can get a good idea regarding how long the delay is likely to be by reading the reviews left by previous customers of the developer in question. Most people will note in their comments if the build was delayed and, if so, how long by. Of course, there are no guarantees that your delay is going to be of a similar time frame, but it does help to give you an understanding.
Getting an inspection – Last but not least, the importance of getting an independent inspection should not be ignored. A lot of people assume that this is not necessary when it comes to a new build. After all, surely there aren’t going to be any issues with a property that has just been built? Well, you would be surprised. Despite there being a relatively high satisfaction rating amongst new-build owners, surveys do show that there have also been many defects and snags with new-builds too. These are issues that are not always diagnosable via the naked eye – they need a professional opinion. If you were to get an independent inspection carried out, these problems could be dealt with from the very beginning. This means that you do not need to worry about them later down the line, nor do you have to be responsible for the cost of fixing the issue. Instead, get a professional to inspect the new build before you legally complete, rather than afterwards.
Hopefully, you now feel a bit more prepared about the process that is entailed when buying a new build. There is a lot that needs to be taken into account. Nevertheless, if you conduct the required research to make sure that the developer has a good track record, and you are fully aware of all of your options, you have a great chance of ensuring everything runs smoothly and that you end up with your dream property at the end of it all.