Tips for buying a new homeWednesday, 28 March 2012 10:58
The New Buy scheme is not only for first-time buyers with many first-time sellers looking to take advantage of the scheme.
Under New Buy buyers will be able to gain 95 per cent loan-to-value mortgages on properties priced less than £500, 000 through companies registered with the scheme.
To help you choose the best new home the consumer protection body for the home building industry, NHBC, has released a list of check points to use during the buying process.
1. Check that the builder has a good national or local reputation by visiting sites that he/she has built before.
2. Visit the build site of your new home and see if it is tidy and well managed. This will give a clue about the attitude of the builder and his commitment to quality.
3. Ask if the builder is registered with NHBC and if the property will receive the NHBC’s full ten-year Buildmark Cover once it is completed.
4. Check for an NHBC Pride in the Job award-winning site manager (you can usually spot the flags and site boards that tell you this) as an indication that your new home will be built with quality workmanship in mind.
5. Before you decide to buy, you can obtain a specimen Buildmark Cover document and a free video, which explain exactly what the cover offers.
6. Be sure that your legal representative checks that your home has had the full ten-year Buildmark Cover issued before you legally complete and move in.
7. Wait until the home is fully completed before you move in.
8. Before legal completion, be sure your legal representative has checked that the property has received a final certificate from NHBC or from the local authority, whichever has carried out the building control inspections during construction.
9. When you’ve exchanged contracts, make sure your legal representative has sent your Buildmark documents, so that you can read them carefully as they will explain what protection you have against unforeseen problems. Keep the documents on file for when you want to move.
10. Once you have moved in, check your new home thoroughly.
By following this checklist the process of finding, buying and moving into a newly built home can be a hassle free experience.