Buying off-plan is a phrase commonly associated with the property market and it is a very popular way to buy a new home in today’s market. Buying off-plan essentially means buying a property before it has been built and there are many benefits to being able to buy a brand new home in this way. At Barratt Homes, most of the homes that we build are actually sold before they are completed and so selling off plan is something that comes as second nature to us.
We do appreciate that, to some, buying off-plan may seem like a complicated or daunting process – especially if they are buying for the first time. Whereas, in reality, the process is a very simple one.
The first step for anyone looking to buy a home off-plan is to do their research. Find out which plot at a preferred development will suit them best and check that they are buying from a reputable housebuilder. If buyers are in the fortunate position to be able to choose from number of properties at the development, work out which one suits their needs best. There is often a show home at the development and this will be able to give buyers a reassuring guide as to how their future home may look and feel.
Next, off-plan buyers will be asked to pay a reservation fee in order to secure that property and demonstrate that they are a serious homebuyer to the developer. This may be around £500 – £1000 and will mean that the property will not be sold to anyone else. This early reservation also secures the property for a certain and agreed price, meaning that sometimes good deals can be enjoyed.
The next step is to appoint a solicitor to manage the legal aspect of the purchase. Then a mortgage will need to be secured which will depend on a surveyor’s valuation, based on the plans and development specification. At this stage the paperwork is usually completed and contracts are exchanged with a deposit paid.
Then in the weeks before the final completion, a snagging survey will be conducted to check for any potential defects. All going well, buyers will then be given a date when they can expect to move into their new home.
The benefits of buying a new home off-plan are plentiful and the feedback we get from our buyers is very positive. One of the biggest benefits is that it allows buyers, especially if they reserve very early on in the process, to choose some of their own personalised finishes for their Barratt home. Buyers can choose their own kitchen surfaces, tiling choices and even some of the other finishes that makes buying a new home more of a personalised experience.
We have a range of properties that are available to buy now at various stages of build and are off-plan. To find out more about buying off-plan at the development of your choice, visit www.barratthomes.co.uk and one of our helpful team will be happy to talk through the process.