{"id":294,"date":"2022-04-22T13:08:30","date_gmt":"2022-04-22T13:08:30","guid":{"rendered":"https:\/\/www.masonverdi.com\/blogs\/?p=294"},"modified":"2022-04-23T06:35:38","modified_gmt":"2022-04-23T06:35:38","slug":"what-you-need-to-know-about-off-plan-developments","status":"publish","type":"post","link":"https:\/\/www.masonverdi.com\/blogs\/what-you-need-to-know-about-off-plan-developments\/","title":{"rendered":"Buying Off-Plan Properties: What You Need to Know About Off-Plan Developments"},"content":{"rendered":"\n

The idea of buying a new build is often appealing to investors and house hunters as it provides them with the opportunity to customise the property to their liking, buy at pre-construction prices, and takes away the stress of entering a bidding war that often comes with buying on the resale market. <\/p>\n\n\n\n

So, what is an off-plan property?<\/strong> The term off-plan refers to property which is available for purchase before it has been completed. Typically, you enter into a contract with the developer to buy a property that will complete at a future date. <\/p>\n\n\n\n

Buying off-plan has many benefits that can reap great results, but just like any other property purchase, there are risks involved with buying off-plan properties. The following guide will explain the benefits, the process and ways you can protect yourself when it comes to buying off-plan properties. <\/p>\n\n\n\n

Why buy off-plan? <\/strong><\/p>\n\n\n\n

There are many perks to investing in an off-plan property. Firstly, you\u2019ll have a selection of plots to choose from so you can pick the one that suits your needs. You may have the option to choose your own flooring, fittings, fixtures etc. or have the flexibility to upgrade and personalise the property. You\u2019ll be the first owner of the property and will have zero or little maintenance to deal with. All new builds come with a builder\u2019s warranty and will usually cover the property for 10 years. Depending on the development, discounts and other incentives such as free furniture packages may be offered which can save you thousands of pounds. Moreover, buying off-plan can be a great investment opportunity as there\u2019s potential for capital growth. Depending on market conditions, the property could increases in value during and after construction. This will give potential investors the option to sell off the property for a profit. Lastly, there may be Government Help-to-Buy Schemes available to first-time buyers who wish to buy off-plan. <\/p>\n\n\n\n

The process of buying off-plan<\/strong><\/p>\n\n\n\n

  1. Once you\u2019ve done your research and are happy to proceed with the purchase, you\u2019ll usually be asked to pay a reservation fee. <\/strong>The amount you pay to reserve your chosen plot will depend on the developer but, any amount that you pay will be deducted from your deposit.
    <\/li>
  2. You\u2019ll then need to instruct a solicitor<\/strong> to review the contract and guide you through the legal process. The solicitors will have a chance to raise enquiries and ensure you are happy to proceed before exchanging contracts.
    <\/li>
  3. When you are ready to proceed, you\u2019ll be asked to pay the deposit <\/strong>(this is typically 10% of the asking price, but can be more) and exchange contracts<\/strong>. Once contracts are exchanged you\u2019re legally liable to complete the purchase.
    <\/li>
  4. Closer to completion, you need to ensure your finances are in order so you can finalise the purchase when the build is finished. You\u2019ll have the opportunity to arrange your mortgage at this stage if you need one.
    <\/li>
  5. When construction is completed, the developer will serve notice to complete. <\/strong>You\u2019ll then pay the remainder of the purchase price and prepare to either move in or rent out your new property. <\/li><\/ol>\n\n\n\n

    Off-plan purchase risks and how to protect yourself<\/strong><\/p>\n\n\n\n

    Like any other investment, there are risks involved with purchasing an off-plan property. Although you cannot completely eliminate the risks, there are ways you can protect yourself and minimise those risk.<\/p>\n\n\n\n

    If you\u2019re planning on selling the property shortly after completion, you could research and monitor the market to ensure you\u2019re making an informed decision, because prices won\u2019t rise forever and you might find yourself in a falling market. Unless you\u2019re a cash buyer, you\u2019ll need to arrange your mortgage. Not all lenders are willing to offer off-plan mortgages so your options may be limited. it\u2019s recommended to consult with a mortgage specialist prior to committing to the purchase to ensure you understand and meet the criteria. Furthermore, to protect your deposit in the event the developer goes bust, ensure your deposit is protected by an insurance policy and always research the developer and their track record before committing to the purchase. Lastly, there\u2019s always a chance of a delay in construction. However, the contract will include a \u2018long stop\u2019 date and if the developer doesn\u2019t complete by the long stop date, you\u2019ll have the option to pull out and get your deposit back. <\/p>\n\n\n\n

    Are you considering buying an off-plan property in the UK? <\/strong>You can search for off-plan developments on our site or contact us at 0151 372 0327<\/strong> to speak with one of our Investment Consultants today! <\/p>\n\n\n\n

    Important Article <\/strong>\u2013 Why invest in Liverpool! <\/a>| UK Property Investment Strategies<\/a> | Liverpool property market analysis<\/a> | joint venture property development and investment<\/a> | Why Choose to invest in a UK property<\/a>!.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The idea of buying a new build is often appealing to investors and house hunters as it provides them with the opportunity to customise the property to their liking, buy at pre-construction prices, and takes away the stress of entering a bidding war that often comes with buying on the resale market.  So, what is…Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":297,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estates"],"yoast_head":"\nWhat You Need to Know About Off-Plan Properties Developments<\/title>\n<meta name=\"description\" content=\"What is an off-plan property? Why buy off-plan? 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