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Buying a house is an extremely exciting time that can come with its stressful moments. To help you through the process, we’ve created a guide detailing the buying a new build home process.
This will give you an overview of what to expect at each stage, though our team will be on hand with more information if you are buying a Lancet home.
How To Buy A New Build House
- Research - Researching where you would like to live and what you want from a house is the crucial first step. A great idea is to have a drive around the areas you like, so you can find the name of any developments you like. This also allows you to see what the nearby amenities are and what the transport links are like.
- Sort your finances - You need to have a thorough understanding of what you can afford, and get an AIP (agreement in principle) in place from your mortgage provider. If you do not have an AIP in place, Lancet Homes can provide details of our recommended financial advisors. Now would also be a good time to review any home buying schemes that may help your move, such as part exchange or assisted move.
- Choose your development - Usually, a developer's website will have some information on the developments they have on offer, what house types are available and when they are available, along with further information. This allows you to get a good idea of what is coming, and if your chosen developments offer the size of house you want.
- Visit a show home - If you like the look of a house, you can book an appointment at a show home on your chosen development. You’ll be able to see the house first-hand, and talk to a knowledgeable advisor who can answer all your questions. Bonus, many sales suites open over the weekend so you can book your viewing around your schedule.
- Pick your plot - If you’ve found ‘the one’ then it is time to pick your plot. This is where your new build property will sit within the development. You may want to pick nearer the entrance of the development for example. Most of the time you’ll be able to view a development site map on the developer's website to help make your decision.
- Reserve your new home - Once you’re happy with your house type and plot, you can reserve your home. You will likely pay a small fee to reserve and secure your plot (meaning it will no longer be advertised) and will sign a reservation form to start the purchase process.
- Sort your mortgage and conveyancing - When buying a home, as well as securing the mortgage offer you had agreed in principle from your mortgage provider, you will need to appoint a conveyancing solicitor to conduct searches and handle the contracts involved for your home on your behalf.
- Pick your design aspects - Depending on your plot, you may be able to pick out some design elements of your home, such as a kitchen colour. This isn’t always available, and may also depend on how far along your home is in the build process. Talk with your sales advisor to see if any options are available to you.
- Exchange and complete - The final steps are when you exchange contracts, which is where the house legally becomes yours. This is also when you will pay your deposit. The amount you pay for a deposit depends on the mortgage you have taken out (whether it is 5%, 10% or 20%). This is followed by completion, which is where the money moves hands (your mortgage company moves funds to pay your remaining balance) and you get the keys. Your solicitor will guide you in when this needs to happen and what you need to provide or sign.
- Move in - Then it’s finally time to move in, and you can begin to make the house your home. You may also do a snagging survey, where you can feed back to the developer about small issues that can be resolved for you. Check with your sales advisor for who your best contact is post sale, and what you can contact them about.
The process of buying a new build house can change from person to person and developer to developer, but we hope this has been a useful start. Take a look at our available developments in the North West, or speak to our team for more information on what we can offer. We wish you well on your home-buying journey.