How to buy a new build property
By Sara Ransom of Stacks Property Finders
It’s hard enough buying a ‘pre-loved’ home, but if you buy a brand-new property from a developer, there are even more hoops to jump through. Here’s our guide to getting it right.
Sara Ransom, managing director of Stacks London Property Search, explains: “Developers sometimes sell off their compromised phases first – maybe the ones near a road or with a less attractive outlook. But the first and last properties on a development are the ones the developer is most anxious to sell and are where the best deals are often to be found.
However, there are downside to an early purchase. “Buying at the early stages of a development may mean that you find yourself living in a building site for many years, and the constant completion of building phases will make it very difficult to sell, should you wish to,” she adds.
Ms Ransom adds: “Check the price per square foot and compare it with the resale market, so you understand the extent of any premium you’re paying. New homes can be incredibly small, but it’s easy for the eye to be deceived when you’re looking at plans, or a show house, either because there’s no furniture at all, or because furniture is minimal and specially designed and arranged to make the rooms look bigger.
“Help yourself visualise the space by comparing rooms’ sizes to space you can understand and see. You might want to draw your own plan of individual rooms and position cut-outs of furniture to see how the space will work.”