Developers are keen to sell their properties and often give discounts if you buy “off-plan” (before the property has physically been built).
They may also want you to work quickly and it is very common they would like you to exchange contracts within 28 days.
You generally need a bigger deposit if you are buying a new build house and an even bigger deposit if you are buying a flat. This is because mortgage lenders are often stricter on the amount they’ll lend on new builds to protect themselves from the risk of the property falling in value in the early years.
Builders frequently offer incentives to encourage and help the purchase. Some examples of this are shared ownership or paying for stamp duty among other things. Each developer has different options and some are negotiable so talk to us to see if we can give you some pointers.
There are normally additional legal costs when buying a new build.
If you are considering buying a new build, give us a call – there’s so much to discuss!!