Buying off plan can be exciting, and a lot of people dream about doing it. Everything will be brand new and un-used when you move in, and if you reserve your property early, you may be able to choose things such as the kitchen and décor yourself. However, there are some things you should look for when buying a home off plan, and here are just a few of them.
Guarantees
A new build property should always come with a guarantee, such as an NHBC certificate, which will offer you a warranty for your home for the first ten years after it has been built. If anything goes wrong within this time you have a guarantee that it will be put right. Other certifications include FENSA, which insures the doors and windows for ten years.
A Quality Developer
It is important to use a good developer such as Muir Homes if you are going to be buying off plan. They are a family business who have been building new homes for over forty years. Quality is important if you want to buy a home that is built to a high spec. However, the building company background is also important as some builders go bust between exchange and completion and this could leave you out of pocket. Using a quality, highly regarded company will make this scenario a lot less likely.
The Small Print
It is important to check the small print before you agree to buy a new home or put down the deposit. This includes whether you have any assurances that your property will be finished by a certain date and what is included in the price. Make sure that you have a breakdown of what everything will cost you and if you will pay extra for things such as a particular brand of carpet or kitchen.
A Good Solicitor
Once you have agreed to buy a property, the developer will want to exchange contracts within 28 days. This means that all the legal paperwork will have to be done by then. If you are thinking about buying off plan, find a good solicitor first and make sure they will be able to complete the work in the allotted time.
Check the Financial Risks
There are always financial risks involved with buying a new home and these can be greater if you buy off plan. There is always a chance that the value of your property will drop between exchange and completion and if this happens, your mortgage offer could be in jeopardy. Check with the developer as to what they would do in this scenario. It may be that they have insurance to cover this issue. Hopefully, property prices will go up between exchange and completion and you will be quids in, but it is always best to check.
These are a few of the things you will need to look into if you are going to buy your dream home off plan.