Purchasing a property before it's built, known as buying off-plan, can be a clever move. It often means securing a home at a lower price, with the added benefit of personalising it to your taste. Here's how to approach this exciting opportunity with care.
Investigate the Developer: Begin by looking into the developer's history and reputation. Check out their previous projects, financial health, and feedback from past buyers. A trustworthy developer can greatly reduce the risks involved in off-plan purchases.
Comprehend the Details: Familiarise yourself with the plans, specifications, and contract terms. Make sure you have a clear picture of what you’re buying, including layout, dimensions, and finishes.
Consider Location and Growth: Assess the development's location and its potential for future growth. Look into local amenities, upcoming infrastructure, and the area's market trends to ensure your investment is sound.
Financial Planning: Off-plan properties usually require an upfront deposit, with the remainder due upon completion. Ensure you have the financial capacity to commit and understand the payment schedule.
Mortgage Considerations: If you need a mortgage, consult lenders about their policies on off-plan properties. Some have specific conditions for financing these purchases.
Prepare for Delays: Construction delays can occur with off-plan projects. Be ready for the possibility that the completion date might be pushed back.
Safeguard Your Investment: Ensure your contract includes protection for your deposit and stipulates what happens if the developer doesn't complete the project.
Conduct a Snagging Survey: Before finalising the purchase, carry out a snagging survey to spot any issues or defects for the developer to fix.
Buying off-plan offers benefits like lower costs and customisation, but it requires careful consideration. By thoroughly researching and understanding the process, you can make a confident decision about your future home. If you're thinking about an off-plan purchase, contact us at Bond Residential for expert advice.
Book a Valuation
Or call us today on
01245 500599