Number of New Build Homes
The government desires to build an average 300,000 new homes per year to counter the endemic under-supply of housing in the UK. With residential developments continuing to spring up all over the Greater London area and beyond, there is more choice than ever before for those homebuyers seeking the lifestyle one gets when inside a new building.=
Guaranteed Quality Standard of New Build
Newly built homes have a whole host of positives. As the first person to live there everything will be shiny and new, plus the negotiation process on a new home is usually a lot less stressful – certainly on your nerves and probably on your wallet too. After all, everything is – or should be – in perfect order and you needn’t worry for quite some time about the roof caving in or the drains blocking up as repairs and maintenance costs should be minimal in the first few years.
For your peace of mind, the housebuilder should provide an NHBC or similar warranty for your new property, plus a snagging service to make sure the property is as it should be before you move in.
Still, you would more than likely want to commission a property survey for peace of mind to ensure there are no building defects. Is there a need for a building survey if the property is brand new? Arguably, yes, because surveyors often find more problems with new build than with retrofit.
Need for a Building Survey on New Build Property in Wimbledon London
The team has been performing quality residential & commercial property surveys in Wimbledon London and the surrounding areas for over 25 years. Worthwhile professional advice with structural surveying comes from Chartered Surveyors who provide your independent survey reports so you know what condition the building is in before you make a purchase. They would recommend that all home buyers get a home survey before purchasing a property both for new buildings and older builds because even new builds can fail to meet the required standard you would expect.
We all know that new build homes can easily carry a ‘new build premium’ meaning they are more expensive to buy than an older second-hand property, even one that’s bigger and better. The sales appeal of new build homes is so strong the developers can easily command a higher price for them. Ultimately this means more money for them, but does this mean you will be paying over the odds for a newly built home?
New Build Premium in Wimbledon London
A recent report from Property Industry Eye states that the average new build price premium in the UK is 29% (26% for England).
A higher payment might be a problem if the loan you are looking at can not get approved by the loan company (if you are getting a loan). Also, in future years you may want to sell the home and you cannot sell it for more than you paid unless you can add improvements to the home and increase the value.
Condition of Wimbledon London New Build Property with Building Surveys
Our panel of surveyors provide independent RICS Valuation Reports and RICS HomeBuyer Reports where they verify the market value of the property in question which could save you time, money and heartache. Further, if any issues with the building are found in the report, you may be able to request a reduction in the price.
While it may be the glossiest, most decorated new home on the block, without an independent inspection, you simply can not be certain about its true condition. New homes have become notorious for problems you don’t find in homes even 50 years older, and house builders are never eager to get it fixed as fast. The ‘snags’ reported by homeowners most often include poor plastering, bad brickwork pointing and damaged windows.
Which Property Survey for New Build?
Different property surveys can provide different levels of reassurance and peace of mind over the market value and state of repair of a building. The RICS HomeBuyer Report is one of the most popular reports and is designed to be easy to read and to assist you in making a reasoned and informed decision when buying a standard property. It will include advice on defects that may affect the value of the property along with any recommended repairs and ongoing maintenance advice.
Homebuyer Report for New Build in Wimbledon London
An RICS HomeBuyer Report will identify any urgent problems that need inspection before purchasing the property. The RICS HomeBuyer Report uses a traffic light system and is green, orange and red to rate defects. Orange or red-rated defects will be defined as a safety hazard.
The RICS HomeBuyer Report does not detail every aspect of the property; It is an inspection of the general condition of the main elements. The HomeBuyer Report is not suitable for older properties or a property that you plan to renovate or alter in any way. It’s also not suitable if you’re particularly concerned about the costs of repairs.
Risks associated with Buying Property in Wimbledon London
Having a professional Chartered Surveyor take an expert look at the property before making your purchase could save you from unforeseen, potentially expensive repairs at a later stage.
Perhaps the survey has identified an issue with the damp proof course – a surveyor’s advice will come with suggestions for rectification and ongoing maintenance. Cost estimates might be very usefully used as a lever to get the developer to rectify the issue before exchange or to discount the sale price accordingly.
Without a doubt, in our professional opinion, an independent property survey is the best way you can get all the facts about your new home and be sure of your decision.
Contact
It doesn’t matter if you are buying a new or old home in Brentwood, Brent or Bromley, we are sure we can help whatever you are planning. The team of RICS-certified surveyors look forward to discussing your Wimbledon London property with you.
Part of the process of buying a house undoubtedly involves trying to make sure that you are making a good investment. You will want to know more about the condition of the building before you commit to the purchase and most buyers take a keen interest in this part of the process – and that’s where an independent property survey can offer you real value.
