Buying off plan means you are purchasing your new build house or apartment before it’s been built. This may sound a little risky, however there can be some benefits – but when your buying in such an active property market, where prices are on the up and more homes are needed, buying off-plan can certainly have its rewards.
- Your new home could be worth more than you paid for it by the time you move in.
- You could secure one of the best plots of the development.
- Buying off-plan could be the difference between buying a home or missing out entirely.
- You might be able to choose your colour of your kitchen and bathroom.
- You can get a Help to Buy equity loan on some of our off-plan properties.
Step-by-step guide to buying off-plan property
- Find a suitable development and speak to a mortgage broker about your circumstances.
- Reserve a home and pay a reservation fee (sometimes up to £1,000).
- Appoint a conveyancer to deal with the legal side of your house purchase.
- Arrange a mortgage. Your mortgage lender will then arrange a valuation based on the plans and development specification.
- Complete the paperwork, exchange contracts and pay your deposit. Get ready for completion. You’ll usually be given two dates – the short stop (the date the developer expects to complete) and the long stop (the date the developer has to complete by).