The number of new build homes in Scotland is increasing year-on-year, meaning more and more buyers are tempted by a brand-new home. 

But how does purchasing a new build differ from an older property?  As a new homebuilder with 30 years’ experience, we will take you through the buying a new build process!

 

The legal bit

Securing a new build property from a house builder can be quite different from negotiating with a private owner, and with the help to buy (Scotland) schemes and other incentives available, it can be a bit of a minefield.

 

At Campion, we understand that the legal bit can be a bit complicated, which is why we aim to make the process as easy and hassle-free as possible. However, there are a few legalities you will need to seek out your solicitor’s support for. That is why we recommend finding a solicitor that specialises in new build properties, so they can guide you through the procedure with speed and ease.

 

Your mortgage

Mortgages for all home purchases, new build or otherwise, are the same so there is no need to secure a specific type of mortgage for a new build home, unless you are self building. However, mortgage offers and instructions that are sent across to your solicitor will contain relevant information that is only specific to new build properties. Your solicitor will be able to take you through this in more detail, so again a good relationship with a solicitor in the know is a must!

 

The costs

Generally, the buying a new build process involves paying a small reservation fee to secure your plot and then once the contract has been agreed you would pay the full deposit amount to the developer.  For example, if your deposit is £5,000 and the reservation fee is £500 then you would have a further £4,500 to pay on the conclusion of the contract or missives.

 

When having discussions with your property developer you may wish to add extra finishing touches, like flooring or different kitchen units. This can all be added to the final cost of your home. All options will be discussed with you at the point of reserving your plot.

 

Once you have moved into your lovely new build home, if a problem arises then the builder will normally rectify any defects in the structure of the house within the first two years, meaning you will not need to pay anything extra for the repair.

 

Covering your home

Your Builder will provide warranty cover for the first 2 years following completion of the property. After this period a national warranty provider such as the National Housebuilders Council (NHBC) will provide a warranty service for all structural defects for a further eight years. This gives you peace of mind knowing that cover is in place should you have any defects arising.

 

A house becomes a home

When you buy your new home, there will generally be a “Deed of Conditions” which sets out various rules for homeowners. These often include details on maintenance, how common spaces are to be treated, parking restrictions and information on why properties are only to be used as single dwellings.

 

The one major difference between buying new and buying traditional is that a new build cannot be occupied until the house has been passed as “complete” by your local authority and your warranty provider.

 

 

The process of buying a new home is generally straightforward and, in most cases, much simpler than purchasing traditional property. At Campion, we understand that buying a home is one of the biggest decisions you will make (and probably your biggest financial outlay), which is why throughout your journey, no matter how long it takes, we are there to support you every step of the way.

 

Got a question about the buying a new build process?  Get in touch!

If you’d like to know more about our beautiful 3, 4, 5 and 6 bedroom Campion homes available in Fife contact us.