Buying an off-plan property in London is becoming increasingly popular, but how can you choose the right plot for your needs? Our handy guide explores what it means to buy an off-plan property and the top tips for selecting the perfect one.
What is an off-plan property?
An off-plan property is a property that hasn’t yet been built. You’ll need to use floor plans, CGIs and working drawings to determine what the finished product will look like.
The benefits of buying off-plan
Buying an off-plan property in London comes with great benefits, such as:
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Lower purchasing price – Developers may sell off-plan properties at discounted prices. This means that as their value increases over time, they’ll be worth more than what you paid for them.
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Instalments – Buying off-plan allows you to pay in instalments over time.
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Customisation options and no DIY – Off-plan developments are brand-new, meaning they require less maintenance and can be decorated as you wish.
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10-year warranty – Off-plan properties usually come with a 10-year warranty, protecting you from potential issues after completion.
Top tips to find the right off-plan property
Below are our top tips for finding the right off-plan property in London.
Research the developer
First, you need to find a reliable developer, so take your time shopping around. Avoid using developers who don’t have experience, as this may cause issues further down the line. Ensure that your developer is covered by an insurance policy that will pay you back in case they fail to complete the project.
Find the right location
Next, you need to find the right location for your property. If you’re not familiar with the area, do as much research as you can. Are there good transport links, schools and parks nearby? You can browse online resources or ask friends for their opinion, but the best way is to spend time in the location. Try to visit it over the weekend and on weekdays to understand whether it’s right for you.
Visit a similar site
Studying plans and brochures can help you visualise what your new home may look like. To get a grasp of whether the property’s specifications and dimensions will meet your needs, visit a similar site by the same homebuilder that is near completion.
It may make you rethink certain things, such as how important having a good view from your balcony is or whether you need parking for two cars. Once you return to your chosen development, selecting the right plot should be easier.
Visualise what it'll look like
If you commit to a property before it’s built, you’ll be given more opportunities to personalise it before moving in. You could choose the kitchen units, worktops, flooring, finish, colour scheme and built-in appliances. You may also be able to pick the flooring and lighting in your living and dining areas.
Keep an eye on the progress
Building a property from the ground up is subject to many variables, and it usually takes longer than planned. It’s advisable to visit the plot often to monitor progress and maintain good communication with the developer.
Explore our brand-new homes and flats in and around London. These properties are stylish, energy-efficient and located near excellent amenities to cater to all buyers. We also have unique homebuying offers to help you purchase your first home or sell your existing one.
Call or visit our Sales Advisers today to start your journey to homeownership.
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