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7 Steps To Buy A New Property

Feb 15, 2008
Moving into a brand new property can be one of the most fantastic experiences you'll have climbing the property ladder. You get a home that no-one else has lived in before, that often has been tweaked to your requirements, and is shiny and new when you move in!

Here's a powerful 7 step guide to help you find a property that's perfect for your needs.

1) Pick the right location

There are certainly plenty of new builds around at the moment. The rate of building new property seems to be increasing each year. When you know where you want to live, have a drive around to look for new developments and make a note of the estate agent that's marketing them. It's sometimes worth chatting to locals at the shops or pub, as they may know about any hidden away developments or future plans that you haven't found.

2) Set a clear budget

There's no point looking at new property outside of your financial comfort zone. So work out how much you can comfortably afford (remembering there may be interest rate rises in the future that could affect your monthly mortgage payments) and stick to it. A good budget will help you identify suitable new builds quickly.

3) Work out what you need from your home

If you have four kids and two cars, there's no point buying a house with two bedrooms and one parking space. So make a list of exactly what you need. It can be useful to split your list between "must haves" and "would be nice to haves".

4) Get your mortgage sorted

Based on your budget and list of requirements, you should have a clear idea of how much you need to borrow. Talk to a mortgage broker or independent financial advisor, and also your existing mortgage company if you already own a house. Often they will lend you extra money for a new home without a great deal of hassle or paperwork. You should aim to get your finances sorted out and your mortgage pre-approved before starting the process of buying new property - this should speed things up.

5) Look at the properties you like

Make a shortlist and visit each one. Depending on the stage of build there may not be much to see. But it's still worth looking - on big developments there are often show homes. If you do buy new property before it's built, not only do you get to follow the progress of the build, but often you are given the chance to alter the plans a little to suit your requirements.

6) Pick a property and do a deal

The price of a new home is calculated carefully by developers. They will have looked at the labour and materials cost of building the homes, plus the land, and the profit they want to make from it. But this doesn't mean they won't be open to a deal. It's a lot less risk for a developer to build new property that has already been sold, so use this as a bargaining tool. Some developers will also buy your old house to remove the chain and ensure you move in quickly. You may not get the best price for your property this way, but it's a speedy way of doing things. For more info see: http://www.propertytoday.co.uk/7-steps-to-buy-a-new-property.11018.3754811.story

7) Do the legal stuff

Now that you have your home, you need a licensed conveyancer or a solicitor to sort out the details of the purchase for you. It's likely your mortgage company will also ask for a valuation survey to be done. It's unlikely you will need a homebuyer's report or a full structural survey, as your house should be covered by a warranty from the National House Builder Council.
About the Author
For more information on how to buy a new property please visit the Property Today website.
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