Tips for buying off-plan
PUBLISHED: 16:40 30 January 2017 | UPDATED: 16:40 30 January 2017
With the government pledging £3.7bn for housing projects aimed at building 100,000 new properties, Glenn Copper, senior sales manager at Barratt Homes North Thames, outlines the process of successfully buying off-plan
With a boost to house building promised in the government’s autumn statement and a range of initiatives encouraging people on the housing ladder, buying off-plan is becoming an appealing option to many house hunters. Here are my top five tips for making the most of the opportunity.
Get in early
As the saying goes, ‘the early bird catches the worm’, and this is certainly true with buying a new home. The best deals are usually offered at early stages of the build and this can mean the value of the property has increased by the time you move in, saving you money. Early purchasers also ensure they secure their pick of the plots.
Do your homework
Make sure you study the property drawings and plans carefully. Check the dimensions to make sure your existing furniture is appropriate. Visit the site regularly with the sales advisers as build work progresses to ensure nothing has been added or left off the plans.
Make a house a home
One of the major advantages to buying off-plan is the ability to choose some of your own fixtures, fittings and finishes before you move in. These could include aspects such as kitchen units, flooring and fitted wardrobes, giving you the chance to personalise your home. What’s more, it will all be professionally fitted before you move in.
Bide your time
Whoever said you can’t buy time? Once you’ve bought off-plan and paid the reservation fee, use your time wisely to ensure everything is in place for your move – things such as arranging a mortgage, booking the removal van and informing friends, family and companies of your new address to save you a job once you’ve moved in.
Try to imagine what the area will be like when it’s finished. Will there be any more phases to the development or are there any new amenities planned in the local vicinity? Continued investment is a good indication that an area is on the up and that your property is therefore likely to experience capital growth.
Barratt Homes is currently building at Madden Gardens on Blackhorse Road in Letchworth (pictured) and Swallow Fields on Three Cherry Trees Lane in Hemel Hempstead. See barratt.co.uk for information.