As the UK grapples with a housing shortage, new build homes have become an increasingly popular option for buyers. With the government’s target of building 1.5 million new homes over the next parliament, developers are working hard to meet demand.
The prospect of moving into a modern new build home is exciting, but you should know that it comes with its own unique set of challenges and considerations. From navigating the unique purchasing process to settling into a fresh space, there are several factors to consider.
Below, we guide you through what to expect, helping you make informed decisions and ensuring the property meets your expectations.
The buying process
When you buy a newly built home, the process differs slightly from purchasing an existing property. You’ll typically start by reserving your chosen plot with a reservation fee, usually around £500-£1000, which is normally deductible from the final purchase price.
Once you’ve reserved, you’ll have a limited time (usually 28 days) to exchange contracts. During this period, you’ll need to secure your mortgage and instruct a solicitor.
You might be purchasing ‘off-plan’, meaning the home hasn’t been built yet. In this case, you’ll choose from available plots based on site plans and show homes. Be prepared for potential delays in the building schedule, which can affect your move-in date. Your mortgage offer may also have an expiry date, so discuss this with your lender if delays occur.
The property
Newly built houses often come with choices for finishes and fixtures. You might be able to select kitchen units, flooring and tiles. However, these choices could be limited and upgrades can be costly, so budget accordingly.
Remember that show homes are dressed to impress with top-spec finishes and furnishings that might not be included in the standard package.
New build homes are more energy-efficient than older homes, which can lead to lower utility bills. They also come with warranties, such as the 10-year NHBC Buildmark warranty, providing peace of mind against structural defects.
However, be aware that new builds can take time to ‘settle’, and you may experience minor issues like small cracks as the building dries out.
After moving in
Once you’ve moved in, you’ll enter a ‘snagging’ period. This is the point at which you identify any minor defects or unfinished work. Create a comprehensive snagging list and report issues promptly to your developer. They should address these within a reasonable timeframe, usually within the first two years.
Your home will need time to settle, which can cause some cosmetic issues. Avoid decorating immediately, instead waiting at least six months to allow for any shrinkage or settlement cracks to appear. Keep your home well-ventilated to aid drying out and reduce the risk of condensation.
