The advantages of buying off plan

Top tips for buying property off plan

For many prospective house hunters, buying off plan makes sense, whilst for others, it may seem like a daunting prospect. In popular locations, good property always sells fast and buying off plan means you secure the new home of your choice before the construction has been completed. In a rising housing market it offers investors and home buyers a number of advantages and the opportunity to secure a property at a popular location, often at a competitive price.

Buying off plan is a straight-forward process but it’s important to establish whether your new property is intended as an investment or as a home for you and your family to occupy. Are you looking for a lifestyle choice with a home complete with all the luxury and comforts of modern day living? Or a second home to relax, unwind and enjoy outdoor life at the seaside or amidst beautiful countryside. Or perhaps you’re an investor looking for a solid rental yield or capital growth. All these considerations will determine the best location and plot to match your search for the perfect property.

Ultimately buying off plan appeals to many buyers who prefer a brand new property, where they can select a specific plot, choose their own décor and furnishings whilst securing their dream property for a relatively low deposit.

Advantages to Buying Off Plan

One of the main advantages to buying off plan, is that in return for a small reservation fee, the developer will remove the property from the market giving you exclusivity on your chosen property. This has the added advantage that it gives you sufficient time to sell your existing home without having to find an up-front costly deposit.

In sought after locations, some building plots will be more popular than others. Get in early to secure the property that matches your unique requirements such as proximity to amenities, a sunny aspect or spectacular view from your chosen property.

Personalise your home! Buyers can often choose from a list of specifications to personalise their perfect home and choose their own interior décor. During the build schedule, the developer will have a cut-off date prior to completion of the construction, at which point they will select the décor and accessories for each property.

Unlike older properties where maintenance costs can be high, new build properties are efficient to run and require minimal maintenance. They also come with a new build warranty which is often a 10 year insurance policy against any construction defects. Check with the builder which scheme they subscribe to.

It makes financial sense that in a rising market, buying off plan often means that in return for a small deposit, the property will increase in value between reservation and completion. Not only does this make good financial sense for home owners but also for speculators looking to make a good yield on money invested.

Top Tips for Buying Off Plan

• Do your due diligence. Don’t rely on glossy brochures. Work with the developer to understand the design of your chosen property, ask to look at the plans and specifications and get as much information as possible to help your decision on which location and plot to choose.
• Ask to see computer generated images (CGIs) which will give you a good idea of what the property will look like both externally and internally. It’s important that you love the finished look of your new home.
• Sometimes construction of your new home can extend beyond the scheduled completion date. This could be simply due to inclement weather causing delays during the build process. The developer will liaise with you throughout the process, however make sure that if you are selling a house, you have options available should this happen.
• Find out from the developer exactly how long it will take to complete construction of the entire development. It’s possible you will move in whilst building work continues on neighbouring properties so be prepared for some short term disruption.
• Check with your developer on their after-care service. It’s not uncommon to find snagging issues on a new home but it’s important you have reassurance that these will be fixed within a reasonable time.

Finally, sit back and relax and enjoy the process of watching your property being built.  Build a relationship with the developer and ask to see photographs and visit the property throughout the build process. Some developers even take video and drone footage and do talk to the builder if you have any concerns about any aspect of your new home.