Buying property before it has been built has become known as buying off-plan. Essentially, it means you are basing your purchase decision off the floor plans for the property before construction is underway. Buying off-plan is becoming increasingly commonplace – both for investors and for first-time buyers.
Cheaper way to buy
Whilst nothing is guaranteed, there is a chance for capital appreciation. When you secure the property off-plan, there is a chance that the value of the development will have increased once completed – which means your new home would be worth more than what you paid for it.
Have your say
One of the main advantages of buying a home off-plan is that you can have a say on the interior décor, as well as the fixtures and fittings. Nobody else has lived there before so the home can be tailored to your tastes ready for when you move in.
Quicker buying process
When you purchase a resale home, you cannot move in until the current owner has found a property. Buying off-plan helps cuts out the middle man so you can exchange contracts very quickly.
With an off-plan property, you can pick from a range of houses and apartments and select the unit which suits your needs, tastes and budget.
A new build warranty will provide you with a 10 year insurance policy against any construction defects. New build homes also require much less maintenance, particularly in the early years and can even save you up to £50,000!