New Home Purchasing Check List

There are numerous reasons for buying a new home, which will vary depending upon the reason for the purchase. Some of the most popular are as follows:

Things to consider when purchasing a new home:

• Does the builder have a good reputation - locally and / or nationally?
• Is the new property is protected by a good warranty provided by a reputable company? Over 80% of new homes built in England are covered by the NHBC's 10-year Buildmark warranty and insurance although some property developers use other warranty providers.
• When you visit the site, does it appear to be tidy and well managed? This will give a good indication of the attitude of the Site Manager.
• Prior to reserving the property ascertain what the company's Customer Care / Quality Control policy is.
• If possible, ask to look around homes the property developer has built before and chat to previous customers.
• Establish what the estimated completion date for the property is. Be aware that this date may change due to delays in the construction process.
• Most developers stipulate a rigid timeframe from reservation to exchange of contracts therefore it is important to instruct your solicitor and complete your mortgage application at the earliest possible opportunity.
• Upon exchange of contracts, most developers will require a deposit of at least 10% (less the reservation fee) with the balance to be paid upon legal completion.
• Before moving into the property, carry out a careful inspection along with a representative from the developer. Be sure to keep a copy of all remedial items that need attending to and agree a realistic timescale for the developer to complete these items.
• Always report any defects in writing to your builder, and remember to keep a copy.
• Should a dispute arise with the developer, make the appropriate warranty provider aware, in writing.

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