Monday, 24 March 2014

Hyde Associates - Mortgage Brokers - Blog

The Advantages
- Properties will conform to strict safety standards and have smoke detectors fitted.
- New houses are more likely to conform with contemporary demands: top level security, high tech heating, lighting and sound    systems as well as fully fitted and equipped kitchens and bathrooms.
- They are often economical to run as they are well insulated and built with the latest energy saving devices.
- Some developers offer enticing deals like 100% mortgage and payment of solicitors and agents fees - a tempting carrot for first time buyers.
- Most new build property is under National House Building Council (NHBC) or Zurich Municipal Scheme (ZMS) guarantee - which means a ten year structural guarantee.
- You can have a say in the colour of the walls, tiles and carpets and you will not have to suffer the bodge jobs and bad taste of the previous owners.
- Major repairs and redecoration should not be necessary for several years.
- Developers are now carrying out basic landscaping so you may have some say in the design of the garden.

The Disadvantages
- You don't get the breadth of choice of equipment or decorative finishes on offer to punters on the open market.
- Standards of finish vary - some developers will provide you with everything from brass-lacquered light switches to chrome-plated fridge-freezers, others will give you a newly-plastered shell - no lick of paint in sight.
- New properties can suffer minor teething troubles such as cracking plaster.
- You might find yourself living for some time at the centre of a building site if you have bought early on in a scheme.
- You may have to pay a premium for the privilege of purchasing a brand new property - if you sell within a few years you might lose money - even in a rising market considerations if you are buying off plan.
- Be prepared to wait - the property may take longer than scheduled to be completed. Try to get the builder to agree to final completion date - with a penalty clause in the form of compensation payable to you - if he doesn't complete by that date.
- Make sure you have details in writing of what is and is not included. Don't forget to negotiate - sometimes a developer will exclude certain things from the initial price but may later agree to include them in order to close the deal essential things to do when buying a new house.
- Make sure the building firm has a good reputation by asking to look round houses it has built before you buy and making sure it is a member of the NHMC or the ZMS.
- Visit the site. If it is tidy and well managed this gives you a clue about the attitude of the builder and his commitment to quality.
- Despite the NHBC and ZMS guarantees, get an independent survey done to ensure you don't spend the next five years dealing with returning builders redoing the damp course or shoring up the walls of your subsiding house.
- Before completion check the property has received its final certificate from NHBC or ZMS.
- Use an NHBC moving in checklist to ensure the builder has properly completed the job - this includes everything from checking that the brickwork is clean and free of major chipping to ensuring that paint hasn't splashed on to the windows and that the loft is insulated.

Handy Hints
- note the way a building site is managed - it is an indication of the attitude of the builder and their commitment to quality.
- Ensure the property is built by a company that is a member of the NHBC or ZMS.
- Take an interest in the property as it is built to ensure it meets your standards.
- Make sure you have, in writing, details of what is included in the final price. This should cover such things as carpets, kitchen fittings and garden landscaping.
- Do not be shy about suggesting small changes - like where the electric sockets go to the colour of the tiles in the bathroom.

Words of Warning

- Do not complete until the property has received its final certificate from the NHBC or ZMS and you are satisfied all work has been completed correctly, down to the last doorknob.
- You might find yourself living in a muddy building site if you buy early on in the scheme.
- You pay a premium for purchasing a brand new property - if you sell within a couple of years you might lose money on it.
- However great it looks - get a survey done.

For more information visit www.hyde-associates.co.uk

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