There are numerous benefits to buying new-build properties, and there are even more benefits when purchasing these properties off-plan. Buying off-plan involves committing to purchasing a home prior to the development being built. This could be any time before construction has started or right before it’s finished.
Amenities, energy efficiency and warranties
For starters, purchasing a new-build can be less stressful than buying an existing property as there is no chain involved and no risk of being gazumped. As a buyer, being gazumped is when your offer has been accepted on a property, but in the buying process, another party makes a higher offer that is then accepted. This pushes you out of the purchase and can happen at any time before contracts are exchanged.
Being the first person to live and own the property is one of the main benefits of purchasing a new-build home. Everything is new, including all the fittings, fixtures and appliances, and owners can really put their mark on the property.
New-build developments often come with appealing amenities, such as a concierge service, shared workspace, cinema, swimming pool, gym or games room. Many of these developments provide a range of amenities right on residents’ doorstep, which can provide a better quality of life. In the wake of the COVID-19 pandemic, more people are putting an emphasis on better quality of life and work-life balance, which will make these kinds of developments even more attractive.
New-builds are also typically built to higher energy efficiency standards with better insulation and heating systems. This usually makes newer properties substantially cheaper to run and more pleasant to live in throughout the summer and winter months. So while new-build properties are often more expensive than existing properties, lower energy bills can help offset some of the premium paid.
Additionally, new-build properties come with a 10-year warranty, which can provide peace of mind. This typically covers damage to the property caused by building errors affecting the main building structure. And not only does the property come with a warranty, most of the new appliances will come with warranties as well.
What are the added benefits of buying off-plan?
When buying new-build properties off-plan, there are even more benefits. Off-plan properties often come with incentives, such as free legal fees or furniture. You could even secure one of the best plots on the development. This is especially the case when a buyer commits to purchasing a property during the development’s early stages.
On top of that, in areas that are seeing strong growth, property prices could rise while the property is being constructed. This could even make it possible to earn capital growth before receiving the keys to the home.
When buying off-plan, some property developers allow buyers to pay in staged payments. This helps spread the cost of the purchase and means buyers won’t necessarily need to put down a large deposit.
Buyers of off-plan properties are also usually able to customise the property if bought before or during the construction phase. Layouts, appliances and decor are typically customisable. This allows buyers the opportunity to make the property what they want and to be able to put their own touch on the property right from the beginning.