For first-time homebuyers, choosing between a new build or existing home elicits many questions and quandaries. New construction offers unique benefits tailored to new homeowners, but the process differs from resale purchases and comes with its own unique set of potential pitfalls.
To help make things as simple as possible, this essential guide provides an in-depth look at new builds for first-timers. We’ll explore the perks of brand new construction, walk through the buying process, and spotlight key considerations like customisation and location.
Let us illuminate the path so you can determine if building new aligns with your first home dreams. With your goals and lifestyle in focus, we’ll ensure you have all the facts before embarking on an exciting new build journey!
The Perks Of New Build Homes
1. No Property Chain: A Smooth Start
Unlike purchasing existing homes, buying a newly built property lets first-timers sidestep tangled and potentially obstructive property ‘chains’. Existing owners waiting on new homes to complete can derail transactions.
With new construction, it’s a simple direct purchase from the builder, preventing delays from chains. This streamlined process gives first-time buyers more control over timing and smoother sailing from offer to move-in.
Bypassing potential chain issues makes new builds especially appealing for those new to homebuying.
2. Modern Amenities: A Taste Of The Future
New build homes often come equipped with all the modern amenities you could wish for. Think energy-efficient appliances, smart home features, and up-to-date building codes.
This translates to lower utility bills, reduced maintenance costs, and less hassle upgrading your home as technology advances. You’ll be living in a space that’s not just stylish but also future-proofed.
3. Customisation: Tailoring Your Dream Home
Many new build homes offer a level of customisation that’s not easily attainable with older properties. You can often choose your finishes, colours, and even tweak the floor plan to suit your needs. It’s like building your dream home without the hassle of starting from scratch. Want a larger kitchen island or an ensuite bathroom? With new builds, your dream home can become a reality.
4. Warranty: Peace Of Mind
When purchasing a new build home, it’s highly recommended that you obtain one with a lengthy building warranty, adding a layer of security to your investment. These warranties can cover structural issues for the first 10 years, especially if you purchase your building warranty from Buildsafe. This long-term coverage provides peace of mind for first-time buyers who may be concerned about unexpected repairs.
The New Build Homebuying Process
Start by thoroughly researching different builders in your chosen location. Look for reputable companies with a track record of delivering quality homes on time. Reading reviews, checking their previous projects, and asking for recommendations from friends or family can be incredibly helpful in narrowing down your choices. Your home is a significant investment, so choosing the right builder is paramount.
Set Your Budget: The Financial Foundation
Determine your budget early on in the process. Take into account not just the cost of the house itself but also additional expenses like legal fees, stamp duty, and moving costs. Make sure you’re pre-approved for a mortgage to give you a clear understanding of what you can afford. Being financially prepared will empower you to make informed decisions throughout your homebuying journey.
Location, Location, Location: Choosing The Right Neighbourhood
Location matters just as much in new build homes as it does in resale properties. Consider proximity to work, schools, public transportation, healthcare facilities, and amenities like parks or shopping centres. Research the neighbourhood thoroughly, and visit at different times of the day to get a feel for it. Your chosen location will have a significant impact on your daily life, so choose wisely.
Selecting The Right Home: Your Personal Oasis
Once you’ve chosen a builder and location, it’s time to select the right home. Builders often offer various floor plans and designs to cater to different lifestyles and preferences.
Take your time to pick the one that suits your needs and aligns with your vision of home. Consider the number of bedrooms, layout, and any specific features you desire. After all, this is where you’ll be building your future and creating lasting memories.
Financing: Securing Your Home’s Future
Secure your financing early in the process. You can choose between a traditional mortgage or a specialised new build mortgage, which may offer favourable terms.
Consult a financial advisor to determine the best option for you, considering your financial situation and long-term goals. Having your financing in place early will give you a solid foundation for the rest of your homebuying journey.
Beware Of Hidden Costs
While new build homes come with many advantages, they can also come with extra (or hidden) costs that should be factored into your budget. Don’t forget to account for extras like landscaping, window coverings, and furniture to make your new home truly your own.
Reserve And Negotiate: Sealing The Deal
When you’ve found your dream new build home, it’s time to take action. Reserve the property to secure it while you finalise the details.
At this stage, you can also negotiate with the builder. Sometimes, they’ll offer incentives like covering your legal fees, adding upgrades, or even adjusting the purchase price to sweeten the deal. Negotiating effectively can help you get the most value out of your purchase.
Legal And Surveying: Ensuring A Smooth Transition
Hire a solicitor or conveyancer to handle the legal aspects of the purchase. They’ll navigate the complex world of contracts, searches, and other legal requirements to ensure a smooth transition of ownership.
You’ll also want to arrange a survey of the property to ensure everything is in order structurally. These steps are crucial to protect your interests and ensure the property is exactly as advertised.
Exchange And Complete: Making It Official
Once all the paperwork is in order and any necessary negotiations are complete, you’ll exchange contracts with the developer. This is a legally binding step, so ensure everything is in place and satisfactory. Afterward, it’s just a matter of completing the purchase and preparing for the exciting day when you’ll receive the keys to your new home!
