So you've decided that a new build is the right home for you…

Now it's time to start the process of finding and buying the perfect one for you which can be difficult if you don't know where to start. Today, we're going to go through it step by step and hopefully answer all your questions.

1. Money

Getting your finances in order is step one when you're looking to buy any home including new builds. From whether you can afford the style of house you would like to if you're likely to be awarded a mortgage, there are multiple factors to take into account.

An important thing to remember is the extra costs of buying a property – things like stamp duty, lawyer's fees and moving costs will all add up so be sure to include them in your budgeting.

2. Mortgages

Speaking to a mortgage broker can be a great way to get a clear picture of your finances and budget and they'll also be able to reach out to lenders to see who is able to offer you a mortgage and what repayment rates you will be offered.

Once you've found a mortgage that matches your budget and expectations, then it's time to get an agreement in principle which will show the amount the lender will give you and give you an expiry date for the agreement – when you're buying a new build, be sure to check if this will fall before or after the completion date and let the lender know.

3. The Dream House

Once you know how much you can spend, it's time to find your dream home. When you're searching for a new build, there are two factors to consider – the location you're interested in and the developer that's right for you.

Once you've found the area you think is right for you, look for developers with sites in the area. Not all developers will use portals like Rightmove or Zoopla so be sure to search on Google as well as keeping an eye out for print ads and site boards nearby. Also speak to friends and family who've bought new build homes to see what their experiences with different developers was like.

You also need to consider if you want to buy a more finished property or buy 'off plan' which means you're buying a property which isn't built yet as there are different benefits to both. With a more finished property, you will have a clearer picture of the end product and what your new home will look like but buying 'off plan' could give you the opportunity to put your own touches on the property during the build stage.

4. Reserving your home

Once you've found your dream home and are ready to start the process, the first step will be to reserve your property with the developer. This normally includes a fee of £500 - £1000 which will be deducted from the total price of the property.

5. Buy, buy, buy!

Once you've reserved your home and paid your reservation fee, it's time to get your mortgage offer from your lender. This is different to a mortgage in principle as it's a confirmation that the lender will let you borrow the agreed amount.

Once you've got this, you can start the process of exchanging contracts – depending on the stage your new build home is at, the time between reserving your home and exchanging your contract can be as short as 1 month.

This is when your solicitor will look over the contracts and make sure everything is as agreed and ready to go from a legal point of view.

This is also when you'll need to release your deposit money to the solicitors so they can pass it over to the developer on completion – they will also request the full amount from the lender so they are able to make payment in full to the developer.

Once your contracts have been exchanged, there is a variety of paperwork that is passed between the solicitors and developers but you've officially crossed the threshold of when they can back out of the sale and your new home is within touching distance!

6. Welcome to life as a homeowner

Once your solicitor has completed all the contracts and searches and paid the developer the full amount, then congratulations – you're officially a homeowner!

At Foreman Homes, we're committed to building excellence in everything we so are proud of the aftercare we offer to every single one of our customers. Our dedicated Customer Care team are available to answer and solve any queries you have throughout your homebuying journey.

Ready to start your new build journey with us? Find out about our available homes here and give our Sales Team a call to start your new build buying journey today.