Moving into a New Build Home? Here’s Everything You Need to Know

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So, you’re thinking of buying a newly built property. What are the key things that you need to know?

Buying a new home is a complicated process, no matter what kind of property you are buying. This is the case when you are moving into a new build or a pre-owned property, and there are many similarities between the two.

However, there are also a few key differences that you need to keep in mind if you are buying a newly built property compared to an older house. Newly built properties are a great option if you love modern homes and they’re also perfect for first-time buyers. 

In this article, we’re going to run through the important things that you need to know when buying a new build so that you don’t run into any trouble.

Benefits of Buying a New Build

New builds are a great choice to consider for the following reasons:

  • You will be the first person to live in the property.
  • Because everything is brand new, the costs of repairs and renovations will be minimal for at least the first 5-10 years.
  • You can find a low-cost insurance plan to cover the structural components of your property.
  • New builds often come with a home warranty included in the purchase price.
  • Many building companies offer customizable fixtures and features to new build homebuyers so you can maximize storage space according to your needs.
  • Newly built properties are often energy efficient so you enjoy low utility bills. 

New Build Homeowner Loans

Depending on your location, there may be government programs that you can join to make your home buying process easier.

Joining a government scheme gives you access to great loans and mortgage deals to make a new home more affordable. They also enable you to buy a property with as little as a 5% down payment, so you don’t need to have a huge amount of savings to buy a new home.

Speak to your bank or a financial advisor to learn more about the programs that are available for buyers of new builds.  

New Build Warranties

Most new builds come along with a 5–10-year home warranty that provides financial protection for parts of your property. If you make a claim on the home warranty within this time period, your costs should be minimal.

In some cases, you can raise any issues with the property developer to avoid taking legal action within the first two years of living in the house. The details of this should be in your home warranty plan.

You may need to purchase a second home warranty that is specifically for your white goods and electrical items, such as your refrigerator, freezer, washing machine, dishwasher, oven, and hobs. The property developer should detail which appliances are covered in your warranty upon completion of the sale.

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