Blunders To Avoid When Buying A New Build
Thinking of buying a new build instead of an existing home? Here are some of the common mistakes to avoid when opting for a new build.
Skipping the display home tour
You can’t view a property that hasn’t been constructed yet. However, there may still be the option of viewing a display home to get an idea of what your new home might feel like. Viewing this display home will give you a better idea of what your property will feel like opposed to simply basing your decision off designs and sketches. This will ensure that you haven’t overestimated the size or the quality of the property. Many new builds such as these Armstrong Estate homes for sale will have display homes available to view. Virtual tours are the next best thing if a display home is not available.
Not researching the area
On top of getting a good idea of what the property will be like, it’s worth researching into the area. New builds can often be built on the outskirts of towns - you may want to check that your new home is not too far away from essential amenities such as shops and schools. If you need to commute to work, you need to make sure that the distance is not too far. You may also want to see what locals think of the development proposal - is your home going to be resented by neighbours or are they happy with the project.
Overlooking incentive schemes
Some developers offer incentive schemes that can reduce the cost of purchase. If you’re a first-time buyer, you may also be eligible for financial support in some states when buying a new build. Such incentives are worth looking into - they could save you a lot of money.
Failing to agree on a completion date
New builds can take a few months to a few years to be constructed depending on how many delays there are. A good property development company will work hard to reduce delays. Agreeing on a completion date is likely to reduce the chance of long delays by spurring your developer to meet a deadline. If they fail to meet this deadline and you have agreed on a completion date in writing, you will likely be able to claim compensation - which could be vital if you have already paid for the property and are already paying off the mortgage.
Not ‘snagging’ your property
Snagging involves checking a new property for defects. Many developers will offer a warranty to buyers, which could last up to two years. This warranty is likely to cover any necessary repairs or improvements as a result of new build construction errors or ‘snags’ are sometimes called. By snagging your property, you can ensure that any problems are fixed while you’re still covered by your warranty. There are professional snagging companies that you can hire to check for defects. Alternatively, you can try snagging your property yourself. This guide at WhosTheMummy? offers tips on snagging a property yourself.
