Below we have summarised what we feel are the top nine benefits of buying a new build home ‘Off Plan’, what this means to you the buyer and why getting in there early can reap huge rewards!
Take a quick look at our thoughts: -
1) Purchase prices tend to be lower than the expected market value
Because the demand when prices are originally set can’t always be predicted and when buying a new home ‘off plan’ there isn’t always a tangible replica house to see, only floorplans, pretty artists impressions and developer credentials, this can sometimes limit the number of purchasers, so the selling prices tend to be very attractive.
However, for those buyers who have got great vision and can see the potential of the development, it’s location and the finished product, these are the ones who will be feeling very smug, when the sale prices shoot up to a new build premium, as soon as the houses are fully constructed and available to physically view!
2) Good capital growth can be attained
Following on from the above point, buying on the right development in a good location at the right time can pay off dividends in future capital growth for the savvy buyers who think about the long-term investment of their home. Of course, this can be influenced by external factors such as market conditions at the time, interest rates etc, which is why careful research, sound advice and gut feeling is often key!
3) Early birds will catch the worm
Like most things in life…. getting a table at your favourite restaurant on a busy night, securing the best seats at a concert, availability is often limited! So, the early birds will certainly catch the worm in terms of securing the prime plots on the estate. It is often a case of if you snooze, you will lose!
4) Ability to personalise your new home
Unlike buying an older house or even a newer house which has been done to someone else’s taste, buying ‘Off Plan’ gives you the ability of being able to personalise your kitchen choices, tiling options and whether you want to opt for additional upgrades to tailor your new home even further to your liking. Although there will be additional costs to do this, it could still save you time and money in the long run. Reserving early on will give you more flexibility (within reason and budget!).
5) Ten-year construction warranty
If you are buying through a reputable builder, they will almost certainly have a 10-year construction warranty in place, either NHBC or equivalent to guarantee the bricks and mortar and construction of the build. This is an insurance policy and will protect you as the buyer from any future defects that may come to light.
6) Be part of a new community
If you are considering buying your next home on new development, it is quite nice knowing that you will be moving in at the same time as your new neighbours and therefore a refreshing community spirit is often formed in the process. Neighbour by chance, friends by choice and all that!
7) Simpler conveyancing process
Selling or buying a home is regularly considered the third most thing you’ll ever do in life, but it doesn’t have to be! Purchasing a new home often results in a simpler conveyancing process since the developer’s solicitors already have everything prepared and ready to go! They will usually work to a 28 days exchange of legal contracts with a delayed completion until your new home is ready to move into. And in between, just can just sit back and relax!
8) Chain free
We are stating the obvious here, but another big benefit to buying a new build home is that there are no extra worries about getting tied up in long chains!
9) Convenience - There’s not much to do when you move in
Nowadays people lead increasingly busy lives, so many prospective purchasers would rather not spend their weekends redecorating or refurbishing a second-hand home. When you buy off-plan, providing the snagging has been completed to a good standard, there should be no DIY to do when you move in and very little any ongoing maintenance required.
Since launching at the start of October, our new development ‘The Spires’ has been a raving success!
If you are considering purchasing a new build home and would like to discuss the remaining plots available, please contact our friendly team at Harper Williams on 0161 503 6141 to discuss/ arrange a meeting.