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Steps in buying a new house from developer or builder

  • 19-04-2020 4:10pm
    #1
    kala85
    Registered Users, Registered Users 2 Posts: 1,911 ✭✭✭


    Hi Folks,

    Just wondering what are the steps in buying new house from a developer who is building houses in an estate and what would be the steps in terms of buying a house from a builder that I am getting to build a house on my own site.

    I think that it differs from way a second hand house is purchased.


Comments

  • #2
    punisher5112
    Registered Users, Registered Users 2 Posts: 24,644 ✭✭✭✭punisher5112


    kala85 wrote: »
    Hi Folks,

    Just wondering what are the steps in buying new house from a developer who is building houses in an estate and what would be the steps in terms of buying a house from a builder that I am getting to build a house on my own site.

    I think that it differs from way a second hand house is purchased.

    You would need the funds or have a mortgage approval first.

    You would need to get a solicitor and they will work on your behalf.

    You will put a deposit down for a new build when they are put up for sale and this is refundable until contracts are signed by solicitor.

    If you are contracting a builder to build on your behalf you would again need funds or approval and you would need the plot, planning and all plans done to code.

    The builder will need to be paid in instalments.

    I wouldn't not pay in full until done and up to correct standard.


  • #3
    kala85
    Registered Users, Registered Users 2 Posts: 1,911 ✭✭✭kala85


    Have approval in principle etc and solictors etc,

    But how does the buying process in terms of the steps a solicitor goes through differ from a second hand house.


  • #4
    Samuel T. Cogley
    Registered Users, Registered Users 2 Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    One thing that strikes me in these uncertain times is most developers will not accept 'subject to loan' clauses. If the mortgage falls through will they be able to keep the booking deposit as damages?


  • #5
    the_syco
    Registered Users, Registered Users 2 Posts: 37,316 ✭✭✭✭the_syco


    punisher5112 wrote: »
    The builder will need to be paid in instalments.
    Pay the instalments at set stages. If they need more money prior to the set stage, you'll need to remember that if you give them too much money, and they walk away, you're funked. Have seen a few threads on here where the buyer has given too much funds to the builder, the builder has gone bankrupt, and the buyer doesn't have the funds to have the house finished.

    If the builder is building for you, have an architecture visit the site every so often to ensure the builder is building what you paid the to build.


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