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In This Guide

Before you start

Choosing an area

Homes needing work

My dream home

New homes

   1. New homes

   2. Is it a good idea?

   3. Developers

   4. The building

   5. Incentives

   6. So what's on offer?

   7. Part exchange

   8. Off plan problems

   9. Buying off-plan

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New homes

Buying off-plan

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Buying 'off-plan' is when you buy a house that hasn't been built yet. You will be able to see a show home and probably some plans, a model, or various artists impressions of the development, but you won't actually be able to see inside the home you are committing to.

A profitable venture

    This sounds like fool's play to me. Why would anyone want to buy a house that hasn't even been built yet? Well here are a few reasons:

  • People generally buy off-plan as an investment. There is an element of risk involved and you get a better price to reflect this.

  • In times of high demand, it may be the only way to get your hands on a hot property in a sought after area.

  • Historically, investors have fared well from buying property off-plan. Good quality new homes can often get revalued shortly after completion with surprisingly high gains for the original buyers.

  • In times of a rising property market, it is perfectly possible to turn in a significant profit even before a brick has been laid.

  • Buying off-plan means that the purchaser often does not have to pay the balance for quite some time after signing the contracts. For all this time the value of 'their' property could be rising, and they still have not had to sell their existing home, meaning extra benefit if they can sell later at a higher price.

Of course, we have been riding a rising market for some time now, and it is perfectly possible for a rising market to fall, meaning that you would lose money...

Have you bought off plan? Did it work out fine, or was it a nightmare. Please let us know about your experience.

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