FINE & COUNTRY BUYING OFF THE PLAN
Buying a home off the plan effectively means buying before trying. Jonathan Handford from Fine & Country Leamington Spa discusses things to consider when buying this way.
44
Buying a property off the plan means you are buying a home before the developer has finished building it. You might even be buying before construction has begun. The idea of being the first people to occupy a home can be quite appealing. Buying off-plan is especially popular in boom markets when there are limited homes for sale.
There are additional advantages in buying off-plan. If you’re buying in the early stages of the build, there may be savings compared to buying a completed property. The other financial advantage is that the initial deposit is generally less. If you’re buying before construction has begun, the developer may give you the opportunity to input into the design. In addition, some developers offer optional finishes so you can personalise your purchase.
Buying off-plan does mean you’ll have to wait up to a year – or more – before you can move into your new property. This waiting time can be an advantage, giving you additional time to save for other expenses. If you select your property wisely, it’s also highly likely that the value of the home will increase by the time you take possession. Ideally, you’ll end up living in a quality home with fittings that aren’t going to need repairs in the near future.
As with any real estate purchase, though, there are risks and negatives to be aware of. House prices can decline, leaving you with an asset that is worth less than the contract value. This is of more concern if you have purchased the property as an investment, as it may take longer to realise an adequate return.
Another risk is the quality of the build. To mitigate against this, check out the developer thoroughly beforehand. If the developer has been involved in previous successful developments, the chances are that they will continue to maintain a high standard.
Check your contract carefully and make sure your deposit is protected if the developer goes bust. If it is a leasehold property, check the length of the lease, as well as other charges. Make sure you understand exactly what you’ll be getting. Look at detailed specifications and check whether you’ll have to pay extra for fixtures and fittings, as well as landscaping.
By researching thoroughly and ensuring you know exactly what your
contract covers, you can relax in the knowledge that you will be the owner of a brand new property.
For advice on selling or buying property, please contact Fine & Country Leamington Spa on 01926 455950 or visit
www.fineandcountry.comtry.com
LIVE24-SEVEN.COM
THE MIDLANDS PROPERT Y GUIDE F INE & COUNTRY
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132
