Ask the Negotiator

with Chris Sokrati

Buying Off Plan

Buying off-plan refers to purchasing a property before it is completed or even constructed. While it can carry some risks, there are a lot of benefits associated with buying off-plan.

Depending on the stage of construction, developers may offer customisation options, such as choosing finishes, materials, or even minor structural modifications. This gives you the opportunity to personalise the property to your taste.

If the property market is experiencing growth, buying off-plan can be a lucrative investment. By purchasing at a lower price before completion, you may benefit from capital appreciation once the property is finished.

Off-plan properties are usually built with contemporary designs, incorporating the latest architectural trends and technologies. By investing in a newly constructed property, you can enjoy energy-efficient features and advanced home systems that may not be present in older properties. Most developers offer warranties or guarantees for newly constructed properties. These guarantees may cover structural defects, appliances, or other building components for a specified period after completion. This provides you with protection against potential issues that may arise after moving in.

When buying off-plan, developers often offer flexible payment plans. You may be able to secure the property with an initial reservation fee, or staged payments throughout the construction process. This can make it more manageable to finance the purchase, especially for first time buyers or those who may not have immediate access to the full deposit straight away.

If you are purchasing the property as an investment, buying off-plan can give you the ability to to find a tenant before the property is complete. This will alleviate having an empty investment and can help generate income sooner.

It’s important to note that while there are benefits to buying off-plan, it can also carry risks, such as construction delays or changes in the local property market. It’s advisable to review contracts carefully, and seek professional advice before committing to an off-plan purchase.

We have some fantastic new developments available, so if you’re interested in buying off-plan, please get in touch.

If you are thinking of selling either now or in the near future, if you have family moving within the UK or if you are looking to move overseas or relocate to Jersey, please give me a call on 07797 748810