If you’re tired of moving into fixer-uppers, or purchasing older properties that turn out to have problems hidden beneath their period charm, why not consider a new residential development? Buying new comes with a number of specific advantages, including:
The earlier you register your interest in a new residential development, the more likely you are to find exactly the right home. The key to getting that south-facing garden for glorious summer barbecues or top-floor apartment with fabulous views is to get in quickly and find out what your options are.
Once the keys have been handed over, the new owner of the house and the agent will usually embark on a final ‘snagging’ tour.
Buying a new home means you eliminate at least one element of uncertainty: you won’t have to worry about the seller’s end of the deal falling through. As well as being convenient for you.
Be aware that there is a timetable to completion when buying a residential development. Typically, a buyer will pay a reservation fee, and then a further 10 per cent 28 days on exchange of contracts. The balance will be due on completion of the build. Buying and selling your home can be one of the most stressful life situations, with the cancelation rate for second-hand homes as high as 20 per cent. There are a number of reasons why a private buyer or seller may change their minds, including a change in circumstances, a bad survey, a chain falling through or being gazumped.