Attention! How to Ensure the Property you Invest in Will be Well Built

| September 23, 2013 | 0 Comments

Property Investment

If you invested in a property off plan, you may have secured the lenience to be able to state your preferred fixtures and fittings, or if you caught the beginning of the planning stages, even to state your own preference for the layout of the house. This is fantastic as you will be getting a property built by someone else but tailored to your own specifications far more than a new build which was already completed would be.

Understandably though, you may be concerned about the quality of the house that you have invested in – after all it hasn’t been built yet and you haven’t been able to look around it and inspect it.

Some of the things to look out for when choosing a building firm are:

  1. If your property is not built or part built completion will not be on a fixed date but will be on notice because the developer cannot guarantee when the property will be finished. This means there will be a clause in your contract which states that completion is to take place within a given period, usually 7 or 14 days after the notice has been issued. This date then becomes the contractual completion date.
  2. Frequently you will buy a new build property without seeing the finished product. You may find new homes are smaller and more tightly packed together than expected as some developers may try to fit as many properties on the land as possible. Check the dimensions in the plans. Some developers also use old, unsuitable equipment if they cannot afford to buy new. This is totally avoidable to them by leasing or financing new equipment. For more information click here.
  3. Once your new build property is structurally finished you must ensure you have the opportunity to “Snag”. The term ‘snagging’ is the process of detailing any minor errors, items for repair or defects in the property that will need to be fixed by the builder. Before you hand over the final payment, make sure you conduct a thorough inspection of the property to identify those problems that need fixing. These might include doors not opening and closing properly, fixtures not being installed correctly, faulty water pressure and so on. You can conduct the inspection yourself as long as you know what to look for, but it may be advisable to hire a professional snagging company. You need to compile a comprehensive list of corrections that need to be addressed before you complete.

 

Make sure you address these issues before signing anything and ensure that your new build is everything you desire.

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Category: Estate Plan Trusts

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