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We've put together a list of some of the most frequently asked questions for those people who aren't familiar with new homes.
A 10-year guarantee given on the structure of the property by the independent regularity body for new homes.
A reservation or holding fee ensures a commitment from the builder to sell you a particular property at an agreed price. This fee is then deducted from the overall cost of the property.
Shared equity is a scheme that the Government are promoting as a way of helping first time buyer’s to get on the property ladder. Under the scheme buyer’s can take a 75% mortgage with the remaining 25% covered by an equity loan from the lender and the Government. There are many different types of Shared Equity schemes and Carter Jonas is a recommended agent for the HomeBuy Scheme.
Buying 'off-plan' means buying a property before it is built. This can be beneficial for many reasons, including:
a) you will often have first choice of the properties available and will therefore secure your ideal homeb) many builders will give you the opportunity to personalise your new home making choices about colour schemes and finishesc) often you will receive a good discount for a property when buying off plan.
FoundationsThe construction process begins with the clearing of the land to lay the foundations of the property
Superstructure The building of the walls, upper floors and roof, once this stage in complete the property will be weather proof.
First Fix The non-structural internal walls of the property are but in place now along with initial installation plumbing and electrical fitting.
Dry Lining The internal walls are completed covering the 'first fix' plumbing and electrics.
Second Fix The internal fixtures are installed, this includes kitchens, bathrooms, central heating systems, doors and skirting.
Decoration The property is fitted with tiles, painted and any flooring that is applicable.
Finals The remaining items are fitted to the property, these include door furniture and white goods.
External Works Any landscaping or completing of driveways is carried out at this point.
Builders Inspection The builder will now do his final inspection of the property, testing all services and appliances and ensuring the property has been completed to a high standard.
Handover The property is now complete and the buyer will be invited to view the property and take ownership.
This is considered a 'hassle free' move. The developer will have independent valuations carried out on your property and will offer you a realistic market value for your property based on those valuations. By using a part exchange scheme you do not incur estate agents fees and you have the assurance of a buyer with no fears of chains breaking.
Yes, many developers offer a scheme that allows you hold the property of your choice, for a set period of time, while you market your property for sale. This is a very popular scheme and allows buyers the freedom of finding their new home and holding it before they market their own.
Prior to completing on your new home, the developer will invite to visit your new home. This is an opportunity to see all the fittings in place and raise any queries you may have about how any of the systems/appliances work or the finish of the property.
The day on which you take legal ownership of your new home. This will generally be a date agreed in advance by you and the developer.
Buying a brand new home can save you money, time and stress...
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