New builds are a popular option for all types of homebuyers – from first-time buyers to growing families to downsizers. The new home market is expanding fast in many areas of the West Country and growing in popularity.
The appeal is obvious: you’ll be the first person to live on the property while repairs and maintenance costs should be low, at least for the first few years. And if the developer is providing a snagging list to ensure the property’s physical condition is up to scratch, plus if there’s an NHBC (or similar) warranty on your home, you may decide not to bother with a home survey. After all, it’s a new property, so what could possibly be wrong with it?
At Hammond & Shaw, we have a wealth of specialist experience in residential property surveying in South Devon, and our team of Chartered Surveyors have built up a reputation for excellence and professionalism in all our business dealings. We would always advise homebuyers to get an independent property survey before purchase, and that includes buying a new build property.
Why? Well, let’s look at the evidence.
Your brand-new home may look perfect, but are you paying the right price for the property? Many new homes carry a ‘new build premium’, making them more expensive than older but otherwise similar properties.
A major problem you may encounter if you agree to pay ‘over the odds’ is that your mortgage lender may not approve the loan. If you do get a mortgage (or are able to proceed without one), you could struggle to sell the property for the same amount in years to come, and negative equity may become an issue.
An independent property survey can verify the market value of the property, saving you time and money. And if the survey findings flag up any issues, you may even be able to renegotiate the price.
There are many different types of property surveys including the popular RICS HomeBuyer Report, which can offer physical and financial peace of mind, even on new build properties.
A Homebuyer Survey will identify serious defects and urgent repairs including structural problems such as subsidence, dampness and timber defects. The report uses the RICS template for traffic light condition ratings to indicate the severity of any issues found.
Having an expert look at the property at this stage could protect you against expensive repairs further down the line. Should the findings flag up an issue with the damp proof course, for instance, we will also give our professional recommendations for repairs and maintenance. Any cost estimates can act as a useful bargaining tool to obtain a discount on the purchase price, or get the seller to rectify the issue prior to the exchange of contracts.
At H&S Surveyors, our HomeBuyer Surveys also include a current market valuation and advice on whether the agreed purchase price is reasonable. We will compare the price with similar local properties and give you a good idea if you are paying too much.
With an RICS HomeBuyer Survey Report to back you up, you are in a much stronger position to go back and renegotiate the price in line with our valuation, potentially saving you thousands.
An independent property survey is your best opportunity to get all the facts about the property you are about to buy so that you can make a well-informed decision on how to proceed.
Why not get in touch with our RICS-approved surveyors in South Devon to discuss your new home purchase? You are about to make one of the most important financial investment decisions of your life, so having all the facts at your disposal is key to enabling you to protect your investment. You can get a free, no-obligation quote here.