What To Consider When Buying A New-Build Property
Buying a new-build property can be an uphill task as more often than not such new constructions flatter to deceive. They might look and seem good but could be a disaster in the waiting. Therefore, in the spirit of separating the wheat from the chaff, here are a few pointers on what to consider when purchasing a new-build property:
Get to know the builder
A house is essentially only as good as the hands that make it. Therefore, look up the builder, learn about previous work he has done in the past to determine whether he is worth his salt. More importantly, the builder should not only have the necessary documents to practice but should also be ISO certified.
Furthermore, be sure to visit the builder's office and validate that all their contact details are legitimate. Also, ensure the builder is especially good at building the exact type of property you're looking for. He might hold his own in the general projects but not so much in specifically what you want.
The community matters
There is no more a reliable source of information than the people who live in the community around the property. Therefore, be sure to visit two or three property owners in the area and get their take on the property and its environment at large. This is particularly important if you're looking for a place to call home as you will get to learn about any existing owners associations and how convenient the property is with regards to transport, work, school and other amenities. Also get to know about the restrictive covenants of the property to find out whether they will affect your intended use of the property in any way.
Be keen on the warranties of the property
Ensure your new acquisition has a warranty of at least two years to be on the safe side. However, a yearlong insurance cover should suffice if the company is a well reputable one. Whats more get to know what's covered and what's not so as to know whether it works for you. More often than not, a longer warranty is an indication of good quality and great longevity as it is a measure of the builder's trust in the work. A really short one is a sign of a builder who is looking to get a property off his hands as quick as possible so as to absolve himself from any damages.
Delve into the features
Every property conforms to some set standard and as a result, it should have certain basic features. It is important to find out what these are so that not you do not get less than what you bargain for. Therefore ask for a detailed list of the property's specifications and compare it to ones of similar properties. Also get to know if and where upgrades are possible; some builders have no provision for such allowances which is a no-no if you have a penchant for personal customization or might need to expand in the not so distant future.
Sample alternative offers
Builders usually have their own preferred people to handle the closing deals and whatnot. Their offers might look really good however be sure to look at other options and their incentives so that you the pick only the best offer possible.
A home inspection is non-negotiable
A common mistake made when buying a new build property is failing to get it independently inspected by the relevant people as, after all, it and everything in it is new. However, a new one is not devoid of short comings just like its older counterparts and could even have a few workmanship errors. Therefore, get it inspected; a professional can identify problems which could manifest after your warranty expires. You could also tag along during the inspection to learn the ropes on what to look out for.
The key to success in your quest to buying a good new-build property is crucially the agent. Look for one with a wealth of experience in the field and a good number of recommendations under his belt. Also, remember to get everything in writing and have a professional to check the properly thoroughly to ensure everything is in order before purchase.
Here's video on what to consider when buying a new-build property: