Eight Vital Questions to Ask When Buying a New Build Home

Buying a new home can seem daunting. In addition to the formalities and background checks involved, there may be constant questions. Some may be related to the property itself in terms of the rates and the owners, and some may be related to making sure you are making the right purchase. Getting answers to the former set of questions will put your mind at ease about the latter kind of questions.

We have compiled the top eight questions you should ask before making your purchase decision.

Top eight essential questions to ask about your property options for a newly built home.

1. Are developer and property management companies good?
Sometimes the after-sales service from property managers may not match their initial service. It is best to do a background check on them, including their social media before you indulge them for your property purchase.

2. What are the details of parking arrangements?
Parking can be problematic for new homeowners with multiple vehicles and frequent visitors. Limited off-street parking and excessive street parking can pose challenges, particularly in smaller roads. Please do not assume you’ll automatically have a parking space, that it will be conveniently located, or that additional parking options are nearby.

3. Can all property drawings, plans, specifications and paperwork be supplied?
Examine all drawings and specifications provided by the builder and request copies of any documents you are required to sign. Also, you should review the deed of conveyance to ascertain the exact extent of the land you would acquire through the purchase.

4. What is the completion date for access roads?
Depending on the scale of the development, certain elements may not be finished until the final unit is completed. This could include infrastructure like roads, cycle paths, and public spaces. You could request a projected completion date for the entire development from your builder.

5. Will landscaping be done for gardens?
Not all new builds include a completed garden. To ensure you know what to expect, inquire about the specifics of your garden. Ask whether your lawn will be fully turfed and if a patio and planting scheme are included.

6. What are the potential development plans in the area?
Do a thorough examination of ongoing and planned development plans in the area, like green spaces, social housing, and busy roads. Your conveyancing solicitor should conduct local searches that highlight local plans, providing valuable insights.

7. What are the amenities in the area?
Check on the local amenities available like schools, leisure options, hospitals, groceries and supermarkets, and public spaces.

8. What is the defects liability term?
Typically, the defect liability period (DLP) spans 24 months, but it’s crucial to verify this in your contract. During this time, the builder is responsible for rectifying any defects within the property, such as heating issues, drainage blockages, and problems with windows or doors.

By asking these key questions and partnering with a reputable realtor like Glentree, you can transform your new home search from stressful to successful. Our team of experts boasts an extensive and ever-expanding portfolio of properties for sale, new homes and rent so you can find your ideal home. Contact Glentree today, and let us guide you on your homeownership journey!

Crucial factors influencing the dynamics of the Real Estate market

Real estate is an essential asset for investors, as its value generally appreciates over time. Those who can afford to be part of the property market tend to do so due to consistent income, tax benefits, wealth diversification, and the possibility of leveraging more wealth through it. Property prices vary based on available supply. When there is a rise in demand but limited supply, property prices increase, and rents are higher.

What are the factors driving the real estate market?
The rise and dip of real estate demand varies as per government policies, such as tax benefits, deductions, subsidies, etc. Also, interest rates can affect the demand – lower interest rates and mortgage rates lead to more buyers. But these also lead to a hike in property prices.

Here are the main factors influencing property prices:

  • Interest rates and mortgage availability

    Higher interest rates mean higher monthly payments, which lead to lower demand for property purchases. This, in turn, makes renting seem more attractive. Interest rates have a greater impact when borrowers have variable mortgages. When there is a boom, banks are interested in offering more mortgage options, which tempts potential buyers into taking higher-risk investments. However, since the recession, banks have tightened their grip on lending and affected mortgage availability and demand.

  • Economy

    The general state of the economy has a significant impact on the real estate market. If economic factors like GDP, manufacturing, rates of goods, employment data, etc., are sluggish, the real estate segment will perform accordingly. When there is higher growth in income, buyers can spend more, thus leading to more demand and more purchases. This will, in turn, lead to a hike in property prices. On a similar note, when unemployment increases, the property market falls as people do not have the income to set aside for property investments.

  • Government regulations and policies

    Government incentives can be a good indicator of property market trends and changes in supply and demand. When the government offers more tax benefits and subsidies, it is a boost for the real estate market as these are motivations to potential buyers.

  • Demographics

    The demographics of an area – population, age, gender, and income – have a huge impact on trends in the real estate market. For example, will the demand for second homes decrease when people retire? If the income and family sizes are small, they will require smaller homes.

When does real estate suffer the most?
A recession or a weak economy is the biggest threat to property purchases and investments. When people lose jobs and income, it affects their ability to pay mortgages.
Also, another factor that affects the real estate market is inflation. Property prices increase. Construction costs increase, but it would have fewer takers, which in turn affects supply.
When potential buyers don’t have confidence in property prices, that can also affect the market. For example, if they fear property prices can dip, they will defer buying to a more favourable time.

House vs. Apartment – How to make the proper choice for your home purchase

A house or apartment is a natural dilemma when considering buying your own home. It can seem all the more difficult to make a decision if you are buying your first home. While each comes with its own benefits and drawbacks, what you may need to ultimately give priority would be your lifestyle and preferences. No matter what you opt for, there will be options in all budgets, segments and areas.

Questions to consider when deciding between a house and an apartment

Either way, finding a space where you would be comfortable and peaceful should be your focus. However, here are some questions to keep in mind while you make a decision in the house vs apartment debate.

– What is your budget?

Like in any other purchase decision, budget should be the foremost concern. Property prices vary based on area. While typically apartments cost less than houses, apartments in certain areas (for example, an upscale or elite area) may cost more than houses in other areas. Generally speaking, apartments tend to be less expensive than houses in the same area; however, it can be the case that apartment living is more expensive on a £ per square foot basis.

For a first-time buyer who is looking to take their step in the property market, an apartment might be a wiser choice, as it would most probably entail a smaller security deposit amount than a house purchase.

– What kind of location would you prefer?

If you like the city centre, apartments may be the more feasible option. But houses may be your best bet if you prefer the suburbs and more peaceful areas minus the hustle and bustle.

– What maintenance would be required?

Apartments may be a frontrunner in this because they generally demand lower maintenance and offer greater convenience, including service personnel to take care of repairs and work. It may, of course, be attached to additional service and utility charges depending on how luxurious the development is.

– How much space are you looking for?

Even though some people may need a small space only, they may prefer to have a larger space because they can afford it. For example, even though a couple with no children may need a one-bedroom apartment only, they can still opt to have a three-bedroom spacious apartment or house based on their individual preference for space. While buying a house offers you the advantage of expanding the space later if needed, you do not have that option in the case of an apartment. You are restricted to the space that you buy.

– Do you want an outdoor space?

If you like to have your own garden and greenery around you, a house is what you should pick. Apartments tend to have common outdoor spaces and not necessarily your individual space and private gardens are rarer to find. However, the advantage is you would not have to bother with maintenance like cutting the grass, watering plants, etc.

– What is your lifestyle preference?

Lifestyle should be an important factor of consideration when choosing your space. If you want a slow pace of life, the suburbs or the countryside maybe your area, which would most probably have houses and not apartments. But if you like the fast life with easy access to bars, restaurants, and other amenities nearby, then an apartment in the city would be a better buy for you.

Another starting point for your decision-making could be – Would it be your permanent home or just the first home? At Glentree Estates, we understand that choosing between a house and an apartment can be a daunting decision. That’s why we’re here to assist you every step of the way. With our extensive portfolio of diverse properties, we can help you weigh each option’s pros and cons, considering factors like location, budget, lifestyle needs, and future plans. Our experienced team will guide you through the process, ensuring that you make a choice that perfectly suits your needs. Whether it’s a house’s charm or an apartment’s convenience, rest assured, Glentree has the ideal property waiting for you.