Buying a newly built home can be a popular choice, especially as many new builds include a guarantee and additional features such as white goods. Problems can arise, however, when buyers commit to a newly built property when they have seen only a floor plan or a show home. Checking our list of questions to ask when you’re buying a new build may help to avoid potential pitfalls.
6 Questions To Ask When You’re Buying a New Build
1. Is it registered? Builders and developers must register their work with the relevant authorities, and this will ensure that the homes they build are subject to building guarantees to protect buyers. Registration with the correct regulatory body will ensure that work, materials and design all meet specified acceptable standards.
2. Is it freehold? If you are buying a property of any type, you must check whether you are buying on a freehold or leasehold basis. A leasehold may not be a problem as long as the lease is longer than 70 years, but it is vital to discuss this with your solicitor and find out whether there are any restrictions on how the property is used according to the lease.
3. Are there any service charges on the property? If you’re buying in a block or estate that has shared access or communal areas, it is likely that you will need to pay a service charge on an ongoing basis. Getting agreements checked out thoroughly is vital, and you should find out how a shared maintenance agreement or service charge could affect your rights in the future.
4. What is included in the sale? Buying a new house often comes with perks such as contents included, or white goods and fitted kitchen free. This can be great news, and you may be able to make choices about the finishes or items you end up with, but it may also present problems if you are not clear about what is included and what is not. Ask your legal advisor to check exactly what forms part of the sale, and query anything you are not happy about.
5. Have searches been carried out? Every property purchase is subject to searches, and these may incur costs. For a new build, you should expect searches to establish who is responsible for roads and public areas nearby, and whether there is any flood risk associated with the property.
6. Are the plans binding? If you are buying a new home based on a plan of the property as it will be when it is completed, you must have assurance that the plans will be followed as agreed. Your solicitor should prepare a pre-contract report detailing the terms of the purchase contract, and this should include any restrictions or rights of way that concern the property, as well as exactly how it will look when completed.
Find Property Solicitors in Cork
If you are purchasing a home, talking to an experienced property solicitor should be your first step. Here at Irwin, Kilcullen & Co Solicitors, we focus on property law, and we will ensure the best outcomes for you. Simply contact us online or call us today on +021 4270934 to see how we can help.