October 8, 2024
Purchasing a new build or off-plan property offers exciting opportunities, but it also comes with unique challenges. Many first-time buyers and even seasoned investors make common mistakes that can turn what should be a dream home into a stressful process. To help you navigate the purchase of your new build, here are the most frequent mistakes buyers make—and how to avoid them.
When buying a new build or off-plan property, it's crucial to thoroughly research the developer or home builder. You’ll want to ensure they have a solid reputation for delivering high-quality homes on time and within budget. Failing to do your homework can lead to costly delays or disappointments if the developer or builder doesn’t meet expectations.
How to Avoid It:
Research the builder or developer’s past projects and look for reviews or testimonials from previous buyers. Make sure they have a track record of delivering homes that meet promised specifications.
Many buyers begin the process of purchasing a new home without securing pre-approval for a mortgage. This can cause issues when it’s time to pay deposits or finalise the purchase, especially if financial circumstances change during construction.
How to Avoid It:
Before committing to an off-plan or new build, secure pre-approval for your mortgage. This not only gives you a clear idea of your budget but also makes you a more attractive buyer to developers.
New build contracts can be complex, with terms related to construction timelines, specifications, and potential delays. Failing to review the contract carefully can leave buyers vulnerable to changes in the construction process or unexpected costs.
How to Avoid It:
Hire a solicitor who specialises in property law to go over the contract in detail. Make sure to understand the terms, especially regarding timelines, possible delays, and any conditions that might allow the developer to alter the specifications of the property.
With new builds, it’s easy to assume that everything will be perfect because the home is brand new. However, issues can arise during construction that are easier and cheaper to fix before completion. Many buyers skip property inspections, assuming a new build won’t have problems.
How to Avoid It:
Arrange for inspections at key stages of construction, such as when the framing is completed, and before the final handover. This ensures that any issues can be addressed before you move in.
New builds often come with additional costs that buyers may not anticipate, such as landscaping, window coverings, and other finishing touches. These can add up quickly and impact your overall budget.
How to Avoid It:
Ask the developer for a full breakdown of what’s included in the sale price and what isn’t. Make sure to factor in these additional expenses when budgeting for your new home.
Don’t let these common mistakes get in the way of your dream home! Check out our latest new builds and off-plan properties and get expert guidance to ensure a smooth buying process.
Source:
KEY2 Real Estate Ltd
