Buying off-plan

[lechatnoir]

We've seen a house in a small development that is currently under construction that looks perfect for us but I'm a bit nervous about buying off plan with talk of recession. It's due for completion spring next year but we would obviously have to commit now and that's based on current prices. Aside from the possible downturn in the market are there any other risks associated with buying off plan we should be aware of?

A bit of imagination is needed to understand how big and usable the space in the house will be, the garden, the outlook etc.

It's quite common to buy off plan. Lots of my friends live in new builds and I'd day the majority bought off plan. Make sure you have a completion date from them, otherwise they can extend the end date as many times as they need. This can put you in a difficult position re mortgage, and you may have to reapply etc.

We're buying off plan, a national developer but haven't been able to go see a show home as there isn't a similar one anywhere near us. It's sort of daunting I suppose, but at the end of the day we have a check list and it ticks all them (and more). There are loads of windows so I'm hoping light shouldn't be an issue.

I'm most apprehensive about the garden as I can find similar properties online but not the garden of course. We move in next month, so not much help!

Can you move in before 31st March to benefit from no stamp duty?

I bought off plan. I love my house but I wouldn’t buy off plan again because I like more certainty.

You can’t really tell how overlooked the house will be until you’re in it, unless you’re on the edge of the development. That is the big thing for me.

Thanks good to hear a variety of responses. Going back for a site visit today so will see how we feel about it and make a decision tomorrow.