Buying a property off plan is when you decide to purchase a property before the builder has finished building it, sometimes before the construction has actually even began.
This is a great idea as you will get a say in the finish of the property and giving you the option to upgrade your kitchen, your bathroom and even down to decorative things such as colour of carpets.
- Speak to a mortgage adviser to check how much you can borrow and an idea of the repayments
- Find a suitable development in the area that you want to live
- Once you’ve found the property that you want, you’ll need to meet with the developer and pay a reservation fee, usually around £1000.
- Appoint a solicitor, who will check all of the details and draw up the contracts.
- Once all of the paperwork has been checked you’ll pay your deposit and the solicitor will exchange contracts (at this time the contract becomes legally binding)
- Then the wait……… you can have a several month wait until your home is finished but it is important that you check along the way that everything is being done to the specifications that you made.
- Once finished ensure that you check the house for snags, making sure that it is finished to a good standard
- You will then be given two dates, a short stop date the day that they expect the property to be ready and the long stop date, the date they have to complete by.
Happy New Home