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Find your local brokerWith plans for 45,000 new Norfolk homes given the green light for construction between now and 2038, Norwich and the wider county is set to become a new build hotspot in the coming years. For those looking to get onto the property ladder in this desirable part of eastern England, the growing housing market will be welcome news. But, what do buyers in Norwich need to know when purchasing their own shiny new property?
As local advisors, we’ve supported the people of Norwich with the mortgage guidance they need to get on to, or move up, the property ladder. Read on to discover our top tips for buying a new build within the local area…
Purchasing a property from a residential seller and a developer represent two very different experiences.
Developers for instance often push for an exchange in as little as 28 days yet expect flexibility on completion day, which means buying a new build can often be a frustrating mix of tight deadlines and waiting around. You may also need to acknowledge what long completion windows mean for your mortgage. During this time, your rates or circumstances could change.
Knowing what you’re up against and being ready to act – even if that means reapplying for your mortgage – when buying a new build in Norwich is therefore advisable.
When buying a new build in Norwich, particularly if it is off-plan, be prepared to scrutinise absolutely everything to get exactly what you want. One of the main benefits of buying a new build is the fact that many aspects of the property can be customised to your needs, so make sure this is done to perfection.
It all starts with the show home viewing; not every upgrade seen will be included as standard, and this extends from the landscaping to the fittings and finishes. Get the written spec and floor plans, and read them carefully to understand what is and isn’t included.
Later down the line, when you move into your Norwich new build, you’ll need to compile a snagging list. Here the HomeOwners Alliance explains why recruiting a professional to oversee the snagging process is recommended:
“The cost of a snagging survey starts at £320. While this is an additional homebuying cost, they offer an independent set of expert eyes assessing the building and structural standards of your new home, where there may be more significant and expensive problems. When you’re spending hundreds of thousands of pounds on your new home, we think it’s a no-brainer for peace of mind knowing any problems have been identified and fixed.”
Prior to move-in and snagging, you should also check the details of your warranty to ensure it offers sufficient coverage and peace of mind.
There may be extra charges that aren’t applicable with other property purchases. Even freehold new builds have service and estate management charges to fund the ongoing maintenance of communal areas that haven’t been formally adopted by local councils. There could also be rules on parking, alterations and rental on your new build development, which could potentially influence the property’s resale value.
Incentive laden new build deals should be treated with caution too. While ‘freebies’ like stamp duty contributions, upgrade packages and cashback may seem to be serious money savers they must be disclosed to your lender, and this could affect valuation and mortgage approval as a result.
New build properties often come with extra considerations for lenders, which means you’ll need to be prepared to face a few tough questions. Luckily, our Norwich-based mortgage advisors are here to support you throughout the process.
We’ll help you find suitable lenders for your circumstances and the best mortgage deal. Our specialists work with lenders that are familiar with new build timelines and long completion windows to ensure your purchase can go ahead with minimal disruption. Request new build mortgage advice today right here.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. A typical fee is £295. Ask for a personalised illustration. The Mortgage Bureau is a trading name of A.M. Mortgages (UK) Ltd. Authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate some aspects of Buy to Let mortgages.