Things To Consider Before Purchasing An Unfinished New Build

Purchasing an unfinished home can be a great way to acquire property, as it already comes with a structure and has the necessary building permits. Plus, you don’t need to start building from scratch, so a percentage of your construction cost is already covered. Depending on the stage of construction, you can still make some amendments and finish your project comparatively earlier. But buying an unfinished new build also comes with its set of challenges, and there are a few things you need first to consider before making such an investment.

What is an unfinished new build?

If a property has been built in the last couple of years but is yet to be sold, it technically falls within the term new build property. An owner of an unfinished new property can make it available for sale for various reasons, ranging from financial to time constraints. In such cases, the buyer is responsible for completing the new project. So, what are some of the things you should consider before buying such a property?

1. The value of the property

Before anything else, you need to determine the value of the uncompleted structure. Of course, it will cost much less than when it’s finished, but it’s essential to be able to calculate its current value. And to do that, you need to consider the completion stage, the amount of work left to do on it, the cost, etc.

2. Possible changes and extensions

Another thing worth considering is the possibility of making any changes or modifications to the building. Do you like the current design? Do you want to make any changes to it? Is it possible to make those changes? Is the structure ideal for your family? Can it contain any increase in family size in the future? If you plan on making any modifications, it’s best to first speak with some trusted architects even before you purchase the property.

3. Check the current permits

Every unfinished home comes with planning and building permits – or is supposed to. You should ask for these permits and scrutinise them. Better still, get a real estate lawyer and certified planner to review all the documents and ensure that every permit requirement has been duly met. The last thing you want is to purchase the building only to receive a notice to stop work.

4. Inspect the building

For your safety, you need to get the building inspected by an experienced home inspector. You want to make sure that the building poses no type of danger. From the materials used in the construction to the possibility of mould and moisture, you want to ensure that there is no sign of poor workmanship or hazard. You might also take a good look at the neighbourhood to confirm the location suits you and your family.

5. Consider your budget

After going through all the needed inspections, you should have a clear idea of how much you need to invest financially to complete the building. It’s time to draw your budget to ensure you can afford to purchase the building and finish it.

EAN Content

Content shared by this account is either news shared free by third parties or sponsored (paid for) content from third parties. Please be advised that links to third party websites are not endorsed by Estate Agent Networking - Please do your own research before committing to any third party business promoted on our website.

You May Also Enjoy

Letting Agent Talk

How to Be an Awesome Landlord in 2022

Some people may view being a landlord as an easy way to make money, but there’s much more to it if you want to truly excel in this role. The best landlords always go above and beyond to provide comfortable homes for their tenants and make them feel as welcomed as possible. Indeed, to be…
Read More
Property for sale
Estate Agent Talk

Selling Your House? Here’s What You Need To Do

Selling your house is a big decision. It’s not something you do every day or even every year. So, when the time comes to sell, you want to make sure you’re doing it right. That means getting the best possible price for your home and making the process as smooth and stress-free as possible. So,…
Read More
Estate Agent Talk

What Are The Factors To Appreciates The Real Estate Property Prices

Are you planning to sell your home? Are you buying a home? Whatever the scenario is, there are some things that you need to look after. In case you are selling your house, you have to set the price on the basis of those factors, or you need to ensure that all these things are…
Read More
Breaking News


A roundup of the week’s top property and proptech news stories in partnership with Proptech-X   Table of ContentsHide On The Market: Housing market starts to rebalance as remarkable buyer and seller confidence prevails Renting to Students: TDS Poll Confirms Common Issues and Reasons for Disputes in Student Lets LexisNexis and Coadjute partner speeding property market…
Read More
Estate Agent Talk

How can Cash House Buying Agencies thrive in 2022?

Like many other industries in the world, the UK property market is constantly evolving. Industry players therefore need to keep a keen eye on the key markers that define the state of the industry. As 2022 ushers in new changes and realities, industry players like cash house buying agencies need to arm themselves with current…
Read More
composite gates
Home and Living

Composite Garden Fencing / Gates – Pros & Cons

As much as many of us enjoy great relationships with our neighbours, we do also relish privacy between our properties / boundaries. Years ago I remember rows of gardens with no more that a wire fence with wooden posts separating each with some having missing sections and even those totally without. Many neighbours would have…
Read More