Property Snakes & Ladders

A second-time buyers’ guide to the buying a new build home process, including the ladders to climb and the snakes to avoid!

We all remember the classic board game, Snakes & Ladders, offering endless hours of family fun on the roll of a dice. While the property market can’t quite be left to the same chances, the steps to buying a new build home can be approached as ladders to climb and snakes to avoid. For homeowners ready to move onto the next rung and purchase their second or third home, our guide to buying a new build home highlights the dos and don’ts. Let the game begin!

Ladder: You’ve identified your reasons for moving and are certain of your choice

Snake: Don’t overlook location

Knowing why you want to move will give you confidence from the outset, and if you need an extra incentive, the experts at Zoopla suggest now is the time to sell as house price rises start to plateau. Changing circumstances are often the catalyst for moving, whether that’s career, lifestyle, children, pets, or to be nearer to relatives, and each of these will help you confirm priorities and compile a list of ‘must-haves’ and ‘nice-to-haves’ for a new property. Use these to refine your search for new build homes, but don’t overlook location. It’s easy to focus on layout, outdoor space, parking, etc. yet fail to get to know the neighbourhood. Read our location blog for more hints and tips on how to visualise yourself in a new area.

Ladder: You’ve researched and appointed an estate agent

Snake: You’ve not maximised kerb appeal

The biggest difference in the new build home buying process for second or third steppers is that you now also have a home to sell. Appointing an estate agent early can be extremely advantageous, especially if you’ve sought multiple valuations and listed your home for a realistic price. Ensure you’ve shopped around to find the right agent, not just in terms of fees but their success rate with properties similar to yours and how proactive they are. To improve marketability of your house, and therefore help it achieve best value, don’t forget to declutter, complete DIY tasks, and invest in the interior décor and external appearance.

Ladder: You’ve taken advice and budgeted for costs

Snake: Don’t forget your existing mortgage

As with any property purchase, it’s important to seek independent financial advice to understand overall affordability, including for conveyancing, searches and removals as well as other potentially hidden costs associated with a larger property such as higher insurance premiums and energy bills. For second-time buyers, you’ll need to allow for Stamp Duty too. You can use the government’s handy calculator to work this out. There’s also a decision to be made about how to settle your existing mortgage. Can you transfer it to a new property? What will it cost to exit if you’re on a fixed rate tariff? Ensure that you have these conversations with your mortgage lender.

Ladder: You’ve found your ideal new build home

Snake: Be prepared for a chain

Good news, buying a new build home means you’ve opted for a modern, energy-efficient property which can be personalised to your taste. It also means the end of the chain. However, as you’re also selling a home, it’s wise to be prepared for any complications that might arise from being one link in a chain. Our advice is to be punctual with your timekeeping, respond promptly to solicitors and mortgage lenders and pay fees on time to avoid any unnecessary delays. Alternatively, our Part Exchange service is available on selected plots and removes the risk of a chain entirely.

Ladder: You’ve discovered show home inspiration

Snake: You’ve missed out on buying schemes

One of the many highlights of the new home buying process is viewing the show home. Not only can you draw inspiration from a professionally-styled interior but it can also help you gain a sense of scale and size. Remember, if the show home on the development isn’t the same house type as the one you’re buying, you can always ask your housebuilder if they have another location and show home nearby. However, before you make your reservation, don’t forget to ask about their buying schemes which could help you buy such as Smooth Move or the Armed Forces Discount.

If you’ve successfully navigated all the above, then congratulations you’ve reached the top of the board and are the first one ‘home’!