What to Look Out for When Buying a New Build Property

Purchasing a new build property offers the allure of modern amenities and custom features, but it's crucial to be thorough in your approach to ensure a successful transaction. Here’s what to look out for when buying a new build property:

1. Check the Developer’s Reputation

Before committing to a new build property, thoroughly research the developer’s reputation. Investigate their previous projects by checking online reviews, seeking recommendations from past clients, and visiting completed developments if possible. A reputable developer is more likely to deliver a high-quality build and offer reliable after-sales service. Look for signs of reliability such as membership in professional bodies or awards for quality.

2. Understand the Warranty

New build properties typically come with a warranty, such as those provided by the NHBC (National House Building Council) or similar organisations. It’s essential to understand the scope of this warranty, including what is covered and for how long. Most warranties cover structural defects and certain issues with the build, but they may not cover all types of repairs or maintenance. Familiarise yourself with the claims process and any limitations to ensure you’re protected against potential defects.

3. Review the Contract Carefully

The contract for a new build property can be complex, so it's important to review it meticulously. Pay close attention to key elements such as the completion date, deposit requirements, and any clauses related to delays or penalties. Consider hiring a solicitor with experience in new build transactions to review the contract and ensure that your interests are safeguarded. They can help clarify any legal jargon and identify any potential issues.
(Learn more about property transactions on our conveyancing services page.)

4. Inspect the Property Thoroughly

Even though the property is newly built, it’s crucial to conduct a thorough inspection before finalising the purchase. Look for any defects or unfinished details, such as uneven flooring, poorly finished walls, or malfunctioning fixtures. Pay attention to both the interior and exterior of the property. Ensure that any issues identified are addressed by the developer before you move in, as this can prevent complications later on.

5. Understand the Costs Involved

When buying a new build property, it’s important to be aware of all associated costs. Beyond the purchase price, consider additional expenses such as stamp duty, legal fees, and costs for any upgrades or customisations you choose. Make sure you have a clear understanding of the total financial commitment, including any potential costs for maintenance or service charges in a new development.
(For more helpful articles, visit our information centre.)

Conclusion

Buying a new build property involves careful consideration of several factors to ensure a successful purchase. By researching the developer, understanding the warranty, reviewing the contract, inspecting the property, and being aware of all costs, you can make an informed decision and avoid potential pitfalls. For expert advice and support with your property transaction, contact Marsons Solicitors in Bromley, Kent.

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