Understanding New Build Homes
A new build home is a property that has been constructed recently, often within the last couple of years, and has never been lived in. Quite often you will be reserving a new build home before it has been built and this is called buying ‘off-plan’. The appeal of a new build comes from modern designs, energy efficiency, and minimal maintenance.
Advantages of New Builds:
- Customisation: Choose the fixtures and finishes, from flooring to kitchen units. At Kingswood Homes you can also choose your ground floor and first floor layouts to create your dream home.
- Energy Efficiency: Built to modern standards, new homes tend to be more energy-efficient, saving you money on utility bills.
- Warranties: New builds come with a 10-year structural warranty from either NHBC or LABC.
- Lower Maintenance Costs: With everything brand new, you’re less likely to face immediate repair costs.
- No Chain: When buying a new build home as a first time buyer, you won’t be part of a property chain. This means there’s no risk of the sale falling through due to issues with other buyers or sellers in the chain, making the process smoother and potentially quicker. It also eliminates the stress and uncertainty often associated with property chains in the resale market.
Research and Identify Your Priorities
Before you start your home buying journey, research the area you want to live in. Consider factors like schools, hospitals, supermarkets, restaurants, parks, safety, transportation links, and noise levels. Make a list of your priorities, including non-negotiables and compromise items. This will help you focus on properties that meet your criteria.
It is also important to research the builder and find out what their reputation and the quality of build is like. At Kingswood Homes we are a HBF 5 star builder and were also rated best in the North West in 2024. Our homes are also built by award winning site managers who pride themselves on the quality of their work. But don’t just take our word for it, you can read more about our customer’s experiences here.
Get Independent Financial Advice
Speak to an independent financial advisor to determine how much you can borrow and what you can afford. This will help you set a realistic budget and avoid looking at properties out of your price range. Remember to account for additional costs such as legal fees, surveys and moving expenses.
Mortgages for new builds can differ slightly from those for older properties. Lenders may require a larger deposit for a new home. It’s wise to check the terms with your lender.
Check if there are any incentives available from the builder which may offer a helping hand. For example, Kingswood Homes is currently offering up to 5% deposit contribution on all homes.
Visit Show Homes
Once you have an idea of what you’re looking for and your budget, visit show homes to get a feel for your potential new home and the development. Although there may not be a show home of the particular house style you are interested in, it is still beneficial to visit the show homes to get a feel for the quality and finish of the homes. Take a look around one of our newest show homes- the Forge 5 at Green Hills Farmstead Collection.
Understand the Reservation Process
Once you’ve chosen your dream new build home, the buying process begins. Here are the key steps:
Step 1: Reserve the Property
When you find the property you want, you’ll need to pay a reservation fee (Kingswood Homes’ reservation fee is £1000). This secures the property and takes it off the market while contracts are drawn up. The reservation period is usually 28 days.
Step 2: Get a Mortgage Offer
With your reservation in place, you’ll need to finalise your mortgage. Make sure your lender is aware that you’re buying a new build, as some may have specific requirements or shorter mortgage offer timeframes.
Step 3: Instruct a Solicitor
A solicitor or conveyancer will handle the legal side of things. For new builds, they’ll review the developer’s contract, ensure that the property is being built to the agreed standard, and check for warranties.
Step 4: Exchange Contracts
Once the legal checks are completed and your mortgage is approved, you’ll exchange contracts. At this point, you’ll pay a deposit (usually 10% of the property value) and the sale becomes legally binding.
Step 5: Wait for Completion
If the property is already built, completion can happen shortly after exchanging contracts. However, if it’s still under construction, you may need to wait several months. The developer should provide you with an estimated completion date. You’ll be given notice when the property is nearly ready, at which point your solicitor will arrange for completion.
Learn more about the legal process of buying a new build home.
Customise Your Home
At Kingswood Homes we offer many customisation options. We are the only house builder to offer flexible floor plans with our Shape Your Home concept where you can choose from a selection of floor plans. Be aware that customisation choices may need to be confirmed within a week of reservation, and fees are often non-refundable. The sales team will explain more about this if you choose to use Shape Your Home.
We also offer a customer choices portal to enhance the home-buying experience. This innovative tool allows you to select your options and extras from the comfort of your own home. Choose from a variety of options for kitchen units, worktops, flooring, bathroom tiles and add additional spotlights, sockets/switches and much more!
It is important to note that Kingswood Homes offers unrivalled specification compared to a lot of other new build developers. You can find out more about our all inclusive specification here.
Arrange Insurance
Organise building insurance as required by your mortgage lender. Also, consider contents insurance to protect your possessions.
Stay in Touch
Maintain regular communication with your solicitor and the sales team. Provide weekly updates on the conveyancing process to ensure everything progresses smoothly.
Prepare for Move-In
As your completion date approaches, prepare for your move. You will be invited for a “Hard Hat” visit to see your home being built. After completion, you’ll receive your keys and can start your new life in your brand new home!
Remember, buying a new build home offers benefits like energy efficiency, low maintenance, and modern design. However, it’s crucial to understand the process and be prepared for the unique aspects of purchasing a newly constructed property.
After you move in
Home Warranties
Most new builds come with a 10-year structural warranty (e.g., NHBC or similar). This covers major defects related to the structure of the building. Additionally, developers often offer a two-year warranty for fixtures and fittings like plumbing and electrics. Make sure to familiarise yourself with what is and isn’t covered. Ask the sales team for more information.
Snagging Repairs
At Kingswood Homes we pride ourselves on our low number of snag items but of course there will be some. Keep a list of issues that arise and report them to the developer promptly to ensure they are resolved. Don’t be alarmed if you see some small cracks in walls or ceilings- this happens as the house adjusts to the new environment and is completely normal. The sales and site team will be easily contactable and will work with you to resolve any snags in a timely manner. We also have a Customer Care team that will look after you.
Buying a new build home as a first-time buyer can be an exciting and rewarding experience. This guide has walked you through the key steps, from understanding the advantages of new builds to the final stages of moving in. We’ve covered important aspects such as financial preparation, the reservation process, customisation options, and post-move considerations. By following this comprehensive guide and working closely with reputable builders like Kingswood Homes, you’ll be well-equipped to navigate the journey of purchasing your first new build home. Remember to stay informed, communicate regularly with all parties involved, and enjoy the process of creating your perfect living space!
