Buying Off-Plan (P1)
Posted: 25th July 2019
Buying Off-Plan: A Comprehensive Guide Part One
Buying off-plan means buying a house or flat before it’s been constructed and whilst this may not suit some buyers, others are happy to wait and have their perfect property built from scratch. With many new build developments popping up around the UK, it’s now an incredibly common way to purchase a house.
While buying off-plan can be incredibly rewarding for buyers, there are definitely factors to consider. To help you in your decision, Granville, residential property developers, have provided a comprehensive guide to buying off-plan.
Pros and Cons of Buying Off-Plan
The advantages and disadvantages of buying off-plan vary depending on the area you’re looking to buy in. When choosing from a new housing development, the usual advantages are:
- Your new home could increase in value by the time you move in. This means you would instantly make a profit on your property.
- You have the ability to choose your own fixtures and fittings, so if you require specific finishes or flooring it’s perfect. As well as this if you choose your plot early on, you can often secure a property with good views or a south facing garden. Just check with your developer of any extra costs before agreeing to additional work on your plot.
- You’re able to buy in a location that best suits your family, current and future lifestyle. Often new developments are situated in thriving areas that are nearby to local schools, shops and public transport options.
Whilst there are many positives, other factors to consider, are as follows:
- You could find there are long waiting times between purchasing your property and moving in so be aware of this prior to making your final decision.
- Should you be the first to move in on the development, surrounding areas can still be under construction which could cause frustration. Check with your developer what the situation will be and how to make the transition of living there as smooth as possible.
The journey to buying a new build home can be difficult, but Granville developments strive to make it as simple and stress-free as possible for all buyers. In part two of Granville’s guide to buying off plan we will discuss the process of purchasing a property on a new build development.
If you would like more information about upcoming developments or have any questions about luxury new build homes, feel free to contact our sales team on 01376 574599.