Buying a new-build property is a process that requires careful consideration. There are so many factors to consider, from location to size and budget, that it is easy to become overwhelmed. If you’re planning on buying a new-build property in 2024, here are some key things you should have in mind. From understanding the pros and cons of buying a new-build property to researching the local area, these tips will help you make an informed purchase decision and ensure you get a great deal for your money.
7 Things To Keep In Mind
Buying a new-build property can be an exciting prospect. With the right planning and research, you can find yourself with a beautiful place to call home. But what do you need to consider when making that purchase? 2024 is just around the corner, and it’s likely that the real estate market will be quite different from what we’ve seen in recent years. So if you’re thinking of buying a new-build property next year, there are some important things you should have in mind. This article will discuss 7 tips for finding your dream home in 2024.
1. Budget
Assuming you’re not buying an off-plan property, the price should be fixed by the developer. However, this doesn’t mean that there isn’t some wiggle room for negotiation, especially if you’re paying cash. There are companies like Gladfish that offer investment to people opting for new-build properties.
It’s also important to factor in additional costs, such as stamp duty (which is currently 2% of the purchase price for new-build properties in England and Wales), legal fees, and surveying costs. Don’t forget to factor in the cost of furniture and fittings, as well as any decorating or renovation work that you might want to carry out once you move in.
If you’re taking out a mortgage to finance your purchase, your lender will require a valuation of the property. This is usually carried out by an RICS-registered surveyor and will cost around £250-£350. You should also budget for mortgage arrangement fees (typically around £1,500), plus ongoing costs such as interest payments and building insurance.
2. Location
If you’re looking to buy a new-build property, there are a few things you should have in mind. Location is one of the most important factors to consider. You’ll want to make sure you’re close to amenities like schools, shopping, and public transportation. Another important factor is the quality of the construction. Make sure to ask about the materials used and the builder’s reputation. And finally, be sure to get a good deal by negotiating with the developer.
3. Size
When you’re buying a new-build property, it’s important to think about the size of the property. How big do you need the property to be? How much space do you need? Think about the number of bedrooms and bathrooms you need. Do you need a guest room? Do you need a home office? Do you entertain often and need a large living room or kitchen?
Think about the layout of the property. Is an open-plan layout important to you? Do you want a property with lots of natural light? Also, think about the future. Will your family grow, and will you need more space in the future? Are you planning on downsizing once your children have left home?
All these factors will help you decide on the size of the new-build property that’s right for you.
4. Amenities
Make sure to check what amenities are included in the price of your new home. Some builders will offer basic amenities like a swimming pool or gym, while others will charge extra for these features.
5. Finishes:
Another important factor to consider when buying a new-build property is the quality of finishes used throughout the home. From countertops and cabinets to flooring and paint, make sure the materials used meet your standards before making an offer on a specific property.
6. Schools In The Area
When it comes to schools in the area, there are a few things you should keep in mind. First, you’ll want to make sure the schools in the area are good ones. This means checking out test scores and talking to parents who have kids in the school district. You’ll also want to consider the commute to and from the schools. If you have young kids, you may want to choose a home that’s closer to their school, so you don’t have to deal with a long commute every day.
Lastly, you’ll want to think about extracurricular activities and whether or not the schools in the area offer them. If your kids are involved in sports or other activities, you’ll want to make sure they can continue doing those things even after you move. Keep these things in mind when considering schools in the area, and you’ll be sure to find the perfect fit for your family.
7. New Build vs. Existing Property
When it comes to choosing between a new building or an existing property, there are pros and cons to both. Here are five things to keep in mind when making your decision:
- Cost: Depending on the location, a new building can be more expensive than an existing home. Keep your budget in mind when making your decision.
- Location: With a new build, you have the opportunity to choose the perfect location for your needs. With an existing home, you may have to compromise on location.
- Size: New builds tend to be smaller than existing homes, so if you need a lot of space, an existing home may be a better option.
- Customization: With a new build, you can often customize the layout and finishes to your liking. With an existing home, you may have to work with what’s already there.
- Maintenance: New builds usually come with a warranty, so maintenance is typically not an issue in the first few years. Existing homes may require more immediate repairs or updates.
Conclusion
Buying a new-build property in 2024 can be an incredibly rewarding experience, especially if you do your research and take the time to consider all of the things we have discussed. From finding out more about energy efficiency ratings and local infrastructure projects to researching service charges and currency fluctuations, there is so much that needs consideration when choosing a new-build property. If you’ve put some thought into it beforehand, then you should end up with something which is perfect for your lifestyle in the future.
