Buying off plan
Buying off plan is the action of buying a property before the development is complete. In some cases, the development may not have even been started.
There are two completion dates to note when buying off plan – the short stop, when the developer expects the property to be finished, and the long stop, when the property must be finished.
Advantages of buying off plan:
- Deposits for unfinished new builds may be cheaper than those on completed properties;
- You can often influence design features, fixtures and fittings;
- Purchasing the property at a fixed price before completion means you can benefit from inflation on 100% of the property’s capital value;
- There may be discounts available for bulk purchases, which can act as a safeguard against potential market deflation.
In some cases, you may choose to sell on the purchase before it has reached completion. This process is known as flipping contracts. In order for this to be done the contract must be assignable, we recommend that you check this prior to proceeding with a purchase of this nature.
Off market buying refers to private sales that are not advertised on the open market, either through an agent or directly with the property owner.
To discuss your requirements, please contact our specialists or call us on +44 (0)203 490 41 21.