If you're not looking to move asap, this is definitely an option you should consider. Investors, retirees, parents buying for children and first-time buyers are just some of the types of people we sell off-plan properties to. In fact, in the past year, nearly half of our customers buying an off-plan property and are doing so with the assistance of the government’s Help to Buy scheme.
The specification and finish of the property is likely to be high. Homebuyer standards are rising, which means developers have to meet these demands. We are talking a range of additional facilities such as gyms and a concierge, as well as a lift – which you won’t get in an older property. New builds are more energy efficient and eco-friendly too which keeps running costs down. Quite often you can choose the finishings to reflect your personal tastes and you also have the peace of mind that you’re moving into a property where everything is brand new, including the appliances and the boiler.
The great thing about buying a property that hasn’t been built yet, is that you’re likely to be presented with a choice of properties at the point of reservation. You may want a south-facing living room or prefer a ground floor apartment with a terrace, so there’s greater flexibility when it comes to finding the ideal home for you – which is budget dependent, of course.
Buy a new build property and The Consumer Code for Home Builders will have your back making sure you get all the necessary information regarding your purchase. Part of the Code covers the reservation fee and sets out that buyers are entitled to a refund if they decide to pull out of the purchase.
The great thing about buying an off-plan home is that you’re fixing the price of the property in advance and safeguarding the amount you are willing to pay and can afford. Imagine that in two years’ time, properties in that area rise in value so much so that you are forced to pay more for the same property or you are priced out of the area.
New builds are covered by a warranty, which is usually effective for up to 10 years. This warranty may also include the safeguarding of your deposit if the property isn’t finished for some reason and any appliances in the property may be covered too.
One of the largest warranty providers is the NHBC, who will check the build quality and that everything is done by the book so you know that everything will work correctly. This is especially important for overseas investors who may never even visit the property.