Buying property off-plan basically means you will be purchasing your new home prior to building work being finished. This could mean the home is currently being built or construction is soon to commence. Either way, you are putting your money down on the developer’s architectural plans rather than physically viewing the property, hence the term ‘off-plan’. While this may seem daunting, it could be the difference between buying a home or missing out entirely.
The specific advantages and disadvantages of buying off-plan depend largely on the property market in your area – but we’ve listed some reasons why you may want to consider this option.
1. Secure a property before it comes to market
A key feature of the UK property market is that demand is high while available stock is low. Securing the home of your dreams, especially in a competitive market, is perhaps one of the biggest reasons to buy off-plan.
2. It unlocks choice
If you have your heart set on a particular house type or location, buying off-plan is a sensible move. The earlier you reserve your home, the more choice you will have in securing the best plot.
3. Increased equity
One of the biggest advantages of buying a home off plan is that the price can be set a year or two before completion. This means your new home could end up being worth more when you move in than it was when you bought it.
4. Seamless conveyancing and no onward chain
New properties can exchange and complete in as quickly as six weeks. Your only chain consideration is if you have something to sell.
5. It’s ready to live in when you move in
When you buy a new build off-plan, there’s no need to redecorate or start lots of DIY (unless you want to!) and hardly any ongoing maintenance is required.
6. Peace of mind
Most new build, off-plan homes are covered by a ten-year warranty, which will ensure your home is built to an agreed standard to give you peace of mind. For example, all our homes come with a ten-year building warranty and a two-year fixtures and fitting warranty as standard.