Frequent question: What classifies a house as a new build?

What makes a house a new build?

A new-build property is one that’s brand new and has never been lived in. You may sometimes see homes that are fairly new but have already been owned and lived in by someone else described as ‘new-build’, but this guide is about houses and flats that have not yet been bought or lived in by anyone.

Do new builds hold their value?

Just like a new car, a new build house will depreciate in price the minute you turn the key in the door. Even in a rising property market you may not get your money back if you have to sell within a year or two. … Find out what other properties on the site have been sold for on Zoopla or Rightmove.

What’s the process of buying a new build?

Before you buy

  1. Step 1: Find a house that’s right for you. …
  2. Step 2: Speak to a mortgage adviser and agree a mortgage in principle. …
  3. Step 3: Reserve your property. …
  4. Step 4: Appoint a conveyancing solicitor. …
  5. Step 5: Secure your mortgage. …
  6. Step 6: Pay the deposit. …
  7. Step 7: Exchange contracts. …
  8. Step 8: Make a snagging list.
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What do you do when you move into a new build?

Before moving into your new build home

  1. Have a professional snagging survey carried out. …
  2. Have a structural review carried out. …
  3. Measure the new property for any soft furnishings you need. …
  4. Set up the internet. …
  5. Let Royal Mail know your postcode. …
  6. Order your bins. …
  7. Order a number for your door. …
  8. Compare removal company quotes.

Can you negotiate price on a new build?

New build developers should be as open to negotiation as any other home seller. Buying a new build is much like buying a new car – you’ll pay a premium for it being ‘brand new’. But you don’t want to pay an over-inflated price. So compare the price of the property to similar new build properties in the area.

Is it harder to get a mortgage on a new build?

It can often be much more difficult to get a mortgage on a new-build home than many new homebuyers expect. Individual lenders take a varying approach to brand new homes, with some refusing applications whilst others may be happy to loan. No two lender’s policies or deals will be the same.

Is now a good time to build a house 2020?

With building prices for materials on the higher side and a hot real estate market, many interested people are wondering if building a house right now is the best idea. While there are a couple of reasons you might need to wait, for most of our clients, now is an excellent time to get started.

How long do you have to live in a new build before you can sell it?

If you have obtained a CIL exemption, you will be obliged to live in your new principal private residence for 3 years. If you sell it or rent it out in the first 3 years after completion, then the full CIL due will be payable.

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