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Could buying 'off-plan' actually be a great plan!

Buying a Newbuild property has become increasingly popular in recent times with new properties on the rise and this becoming the new trend in house buying. This will often mean buying a property ‘off-plan’ before it is actually fully built.

Buying off-plan can actually be a great way to secure a fantastic property without the pressure of competing with the open market and being gazumped in a way that is more familiar and common with established properties. Not only that, but the buyer also has a say in how the property is finished and can still make this incredibly personal to them by adding their own flair in the design and build stages. More and more buyers are recognising that buying off-plan can actually result in more boxes being ticked from their list of requirements without the need for renovation or alterations.

This also offers buyers the opportunity to reserve and secure a property, complete all the legal work, apply for funding and then commit to the exchange. The time between exchange and completion until the property completes also enables buyers extra time to plan for their move and save more funds for new furniture and finishings. A lot of the pressure is lifted as the process of buying new build off-plan properties is quite straightforward and process driven, without being tied into longer chains and having to balance the requirements and timeframes of other parties.

If you are looking to buy a property off-plan, here are a few helpful pointers that will help you decide whether or not this is the right move for you:

- Are you prepared to wait for the property to complete? – do check the estimated timeframes with the site office and do ensure you are willing to work to these timeframes, and sometimes, longer should the project be delayed at all

- You will need to be in regular contact with the site office to check in on the build process and ensure everything is being built to your specification. Regular check in points are therefore extremely important in order to help you monitor the build process between exchange and completion.

- You will need to check the specifications of the property and the plan carefully – you will only have a layout plan and potentially a show home to give you a feel of how the property will be completed. These plans can often vary slightly once the property has been completed so just be prepared for slight adjustments.

- It is important to make sure you have a good conveyancer at hand who understands the process well and can guide you through the legal documentation. You need specialists in this field like RG Law who know how this works and can make this as simple as possible for you

- It is extremely important to consult a mortgage broker as soon as possible to start looking for the right mortgage deal for you and to secure your funding

- A lot of developments will offer the help to buy scheme. You will need to consider whether this is an option you wish to explore to help you in your purchase of the property

- With any new property, you will benefit from a new home warranty and insurance policy. This will provide you with some extra reassurance over any structural issues or latent defects that might be discovered after completion

It is exciting to buy a property off-plan as long as you are understand how this will work and consider all the points raised in this blog. RG Law are always happy to help you through this journey if you have found your perfect off-plan property.

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