Five steps to buying a new build home

2 September 2019

Purchasing a new build home is a fantastic option, whether you’re a growing family, a first-time buyer or a current homeowner looking to upsize or downsize. When you are buying a property off-plan (a house that is yet to be built), it’s even more important to prepare and ensure the purchasing process runs smoothly.

Buying a property can be incredibly overwhelming, especially if you are a first-time buyer, which is why we’ve compiled five top tips to make securing your new home as stress free as possible.

1. Get on top of your finances

It is important that you speak to a qualified mortgage advisor to find out how much you might be able to borrow. This will give you an exact idea of how much you can afford before you start looking at properties that could be above your budget. Having a mortgage agreement in principal (a document from a mortgage lender to confirm that they will give you a mortgage for a certain amount) can be particularly helpful before you put an offer in as it can prove to the developer that you are able to afford the property.

2. Research the location

After you have your finances in order, you can start looking for a development that suits you and your lifestyle. Make sure you research the area and decide what your priorities are when it comes to location. If you are a growing family, it might be important to consider the activities and amenities there are nearby, including local schools. If you are a young professional, an area with a community life and local bars and restaurants might be a priority.   

3. Make an offer

Once you are happy that the property is right for you, you can make an offer. You will be expected to pay a reservation fee if your offer is accepted, which can typically range from £500-£1000 and will then be deducted from the purchase price after completion. It is important to note that this fee is non-refundable if you decide to withdraw further down the line.

4. Start thinking about the legal work

In order to help deal with the legal side of your new home purchase, you will need to appoint a conveyancer or solicitor to act on your behalf. Their job is to help prepare the legal documents, deal with the Land Registry, draw up the contracts, transfer the cash and help negotiate your move-in date. You will also need to finalise mortgage arrangements and appoint a surveyor to carry out a valuation survey – in the case of buying a new build, the valuation will be based on the developer’s plans and specifications.

5. Exchange contracts and get ready to move

Your legal representative will ensure that the terms of the contract and planning documents are correct as well as any other relevant paperwork. Once you’ve signed the documents and exchanged contracts, you will need to put buildings insurance in place to cover the structure of the property.

You will then need to settle your final bills, including solicitors’ fees, mortgage advisor fees and Stamp Duty if required, before getting the keys to your new home!

Wheatcroft Land homes are built to the highest standards, blending traditional design principles with contemporary themes to cater for modern living – whether you are a first-time buyer, a young family, upsizing or downsizing.

For more information about our developments in the East Midlands, contact us on 0116 2708554 or through our online contact form.