Leading British homebuilder Barratt Homes is encouraging home buyers looking to consider the benefits of buying off plan – something that is common in Southeast Asia but less so in other parts of the world.
With the British property market continually improving, house prices increasing annually by 9.7 percent across the U.K., and a range of Government initiatives encouraging people onto the housing ladder, buying off-plan is becoming an appealing option to many house hunters.
“Bricks and mortar continue to prove a sound financial investment in today’s economic climate”, said Jan Ruston, Sales Director at Barratt Homes North Midlands.
“Although people may have concerns about the future of the housing market, the reality is that there has never been a better time to buy off-plan. By reserving early in the build process the value of your property may have increased by the time you move in, saving you money and making for a sound investment in the future.”
Top five tips for purchasing off-plan:
1. Get in early
As the saying goes, ‘the early bird catches the worm’ and this is certainly true with buying a brand new home. Not only are the best deals usually offered at early stages of the build, but purchasers will also be able to ensure that they secure their pick of the plots.
2. Do your homework
Make sure you study the drawings and plans carefully. Check the dimensions to make sure your existing furniture is appropriate. Regularly visit the site with the sales advisers as build work progresses to ensure nothing has been added or left off the plans.
3. Make your house a home
One of the major advantages to buying off-plan is the ability to choose some of your own fixtures, fittings and finishes before you move in. These could include aspects such as kitchen units, flooring and fitted wardrobes, giving you the chance to really personalise your home. What’s more, it will all be professionally fitted before you move in.
4. Bide your time
Whoever said you can’t buy time? Once you’ve bought off plan and paid the reservation fee, use your time wisely to ensure everything is in place for your move; arrange your mortgage, book the removal van and inform people of your new address to save you a job once you’ve moved in.
5. Think ahead
Try to imagine what the area will be like when it’s finished. Will there be any more phases to the development or are there any new amenities planned in the local vicinity? Continued investment is a good indication that an area is on the up and that your property is therefore likely to experience capital growth.
Jan continued: “We understand that buying off-plan is to some extent a leap of faith, and many purchasers may find it hard to envisage what the home will be like once completed.”