Between the enhanced energy-efficiency, builder warranties, options for customisation, and speedy purchasing process, there are plenty of convincing reasons to purchase a new build home.
But how does buying a new build work? While it’s generally a quicker and more streamlined process than purchasing an older property, it does come with its own unique challenges.
Understanding what these challenges look like can help you manage your expectations and prepare for a smoother buying experience.
Jump to:
- Why buy a new build home?
- How to buy a new build home: a step-by-step guide
– Select plot
– Reserve property
– Arrange mortgage
– Appoint solicitor
– Contract and deadline issued
– Exchange contracts and pay deposit
– Collect the keys and move in
– Post-completion details - Benefits of buying an Eaton Homes new build
- FAQs
Why buy a new build home?
Before we answer the question of ‘how do you buy a new build house’, it’s worth starting with why someone might want to purchase this type of property.
These reasons can include:
Energy efficiency: Built to stricter building regulations, new builds benefit from many energy-efficient features including advanced insulation, modern heating systems, and double (or even triple) glazing.
Builder warranties: New build properties tend to come with 10–12-year structural warranties.
Customisation options: You can often put your own personal stamp on the place if it’s not finished yet by customising certain features, such as the flooring colours.
Faster purchasing process: Keen to move in as soon as possible? As unoccupied properties that are ready to be sold, there’s no seller chain that might
Ready to move into: These properties require no immediate renovations or repairs, meaning you can move in quickly and easily.
How to buy a new build home: a step-by-step guide
1. Select plot
New build developments tend to include a range of properties, varying in the number of bedrooms, layout, and positioning. Reviewing the floor plans, brochures, and specification of each plot can help you to narrow down your choices and select the most suitable plot.
For a more accurate idea of finishes and layout, we also recommend viewing the show home or marketing suite.
2. Reserve property
After you’ve settled on a plot, you can secure it by signing a reservation agreement and paying the reservation fee (typically between £500-£5,000) to the developer.
This fee holds the property while contracts are prepared and the amount is typically deducted from the sale. However, if you decide not to proceed with purchasing the new build, this fee is unlikely to be refunded.
3. Contract and deadline issued
The developer’s conveyancer will provide you with a contract and a deadline to exchange contracts which is typically within 28 days of reserving the new build.
If you’re buying off-plan (before the property is built), you’ll also receive an estimated completion date and details of any incentives or warranties included in the purchase.
4. Arrange mortgage
Unless you’re a cash buyer, you will need to arrange a mortgage to cover the cost of your new home. Applying as soon as possible can support the swift completion of the required paperwork for a smoother buying process.
This is particularly important for off-plan new build properties as mortgage offers typically expire after six months. If your offer is likely to expire before exchanging contracts, you may need to seek an extension or re-approval.
5. Appoint solicitor
A solicitor or conveyancer should then be appointed to handle the legal side of the property purchase. You should provide them with your ID, contract paperwork, exchange of contracts deadline, and evidence of funding.
With this information, they’ll carry out searches, review planning permissions, check for restrictive covenants, ensure the property has the correct building warranties, and highlight any issues you should be aware of.
6. Exchange contracts and pay deposit
Once your mortgage agreement is in place and your solicitor has identified any potential issues, you can move onto exchanging contracts (where contracts are signed and swapped between the buyer and seller).
This is a legally binding arrangement and the point where you exchange is where you should pay the deposit, which is usually 10% of the purchase price.
7. Collect the keys and move in
Once the build is complete (if you’ve purchased off-plan), you can collect the keys, move in, and start enjoying your new home!
8. Post-completion details
Upon completion, your solicitor should register the property with Land Registry. You should also ensure any warranty and completion records are put in a safe place for future reference.
Benefits of buying an Eaton Homes new build
Beyond the benefits of purchasing a new build are the advantages of buying an Eaton Homes property.
As experienced housing developers, you can trust our team to construct high-quality new homes that offer excellent value for money and have a strong focus on community connection.
We’re also dedicated to ensuring you feel at home from the very first day. Between ensuring all our new builds are equipped with superfast broadband and installing the highest specification of insulation as standard, our expertly crafted plots are sure to impress.
Eager to explore our latest development in Beeston, Cheshire?
Nestled in the heart of the Cheshire countryside, arrange a viewing today to discover how effortless buying a new build home can be with Eaton Homes.
Or, if you have a question about the new build purchasing process, we’d love to hear from you.
Give us a call on: 01829 824044
Email your enquiry to: info@eatonhomes.co.uk
FAQs
What is the process for buying a new build house?
In short, the process for buying a new build house involves selecting a plot, reserving the property, arranging a mortgage, appointing a solicitor, exchanging contracts, collecting the keys once construction is complete, and finally doing some post-completion administration.
How much is a reservation fee on a new build?
Reservation fees are common in the new build sector and typically cost between £500 and £5,000. However, reservation fees vary depending on the property type, developer, and sale method.
If you’re unsure, we recommend speaking directly to the estate agent or property developer.
What is included in a new build house?
Most new build properties come with a range of modern fixtures and fittings.
Many of these fixtures and fittings are found in the kitchen and include appliances such as the fridge freezer, oven, microwave, dishwasher, along with cabinetry and interior finishes like flooring and cabinet colourways – which can often be customised.
New builds also benefit from updated bathroom suites, insulation, and double glazing. Outside, these properties also tend to come with fencing, and paving, ensuring the space is ready to use as soon as you move in.
For your peace of mind, it’s common for new build homes in the UK to benefit from a 10-12-year structural warranty, in case of any structural defects.
For example, properties from Eaton Homes’ Beeston development in Cheshire come with a structural warranty.
How long does it take to buy a new build?
In most cases, it takes a minimum of eight weeks to buy a new build home. This route to home ownership is often faster than purchasing an older property as there’s no property chain involved.
However, this timeline also varies depending on the stage of construction, your solicitor’s workload, and mortgage application speed – with some new build purchases taking over 6 months to complete.
When do you pay the deposit on a new build?
The new build property deposit must be paid when the contracts are exchanged. The exchanging of contracts is a legally binding stage, which is why the deposit is transferred at this point. Your reservation fee will be deducted from the cost of the deposit.
When do you exchange contracts on a new build?
The deadline to exchange contracts on a new build is typically within 28 days of reserving the plot. However, this deadline can be extended and varies from developer to developer.
Do you need searches when buying a new build?
Yes, just because the property is new, it doesn’t mean it’s without issues. Even with a developer warranty offering reassurance, searches are often essential for mortgage lender purposes.
And, whether you’re a cash buyer or using a lender, searches can still be useful for highlighting potential problems that may impact property value or incur additional future costs.
