How long does it take to buy a new build home?
Compared to buying second-hand home, buying a new build is a much more straightforward process.
When buying a second-hand home, you can expect to wait up to eight months for the sale to go through. Solicitors, property chains, and surveys can extend the process for nearly a year, and by the time completion comes around, you may not even be ready for it anymore.
Buying a new build is far more streamlined: when only you and the developers are involved in the process, there are less opportunities for issues to arise.
How long will you be waiting on a new build?
Every new build is different. You could be in your new home in a matter of weeks, or you may be waiting for a few months whilst waiting for it to be completed. However, the developer should stay in contact with you to update you on your completion day so that you are always in the loop.
What is the exchange of contracts?
The exchange of contracts, or simply ‘exchange’, is when you sign a contract to buy your future house. The seller will also sign a contract agreeing to sell that home to you and only you.
The exchange of contracts is often regarded as the start of the end when it comes to buying a home. It’s the moment when you finalise your negotiations and sign an agreement to purchase the property.
The stress of browsing the housing market is finally over. All you need to do now is wait.
What is completion day?
Completion day is the day that the mortgage provider transfers the price of the house to the developer and finalises the purchase. When you pick up the keys, the house belongs to you, and you can move your belongings and your family in. Completion is the final goal of every purchase, and the length of the homebuying process depends on the date you’ve set.
Will a new build be ready on completion day?
Completion day is determined based on the date that your home is ready for you to move in. A new build will always be ready on the day of completion.
Can you move into a new build on completion day?
When you have the keys in hand, your new home is officially yours. You can begin to move in on completion day if you’re ready, although your schedule is entirely up to you.
How long is the period between the exchange of contracts and completion?
After the exchange of contracts, it can take as little as a week to complete on a new build property. Most times it will take about two weeks although occasionally there is the odd hiccup. However, you’ll be informed of your completion date ahead of time, so you won’t have to worry about rushing your move.
What can cause delays in buying a new build?
Every seller and every development is different. New builds are often still being built when you start the purchasing process, and your completion day may experience delays as a result.
Common reasons for delays include:
Manufacturing delays
Materials take time to acquire, and problems in the supply chain may delay your new home’s completion. These kinds of delays are not uncommon, as multiple companies are involved in sourcing, creating, and shipping materials.
Poor weather conditions
Bad weather may prevent workmen from meeting deadlines. Consider the time of year when you purchase your home and prepare for delays caused by storms or excessive rainfall.
Conveyancer inquiries
Your conveyancer or solicitor may raise additional inquiries about your new home. These inquiries will retrieve more information about the house you’re buying, but they will extend the amount of time you can expect to be negotiating as well.
Completing on your new build home
Completing on your home is an exciting feeling: you’ve weathered the process, and you’re finally ready to move in. Whether buying your home took weeks or a few months, completion day is a day to celebrate. Relax and enjoy a house purchase you worked hard to achieve.
