Because an off-plan property is, as the name suggests, not built yet, you’re able to secure some great below market value deals.
Buying off-plan is a relatively new way to purchase property in the UK. In the early 1990’s off plan purchasing was relatively unheard. Investors in the Far East were more inclined to purchase this way, but now it is a firmly established way to purchase.
Not being able to physically set foot in your property, or admire the view from your terrace can often deter lifestyle purchasers but that disadvantage is easily gained back by the asking price.
More often than not off-plan property can be up to 60% below completion value (depending on stage of build). As the build progresses; that profit will often decrease as the property value increases. Getting in early is the key.
Purchasing an apartment before it’s completed can feel risky. However, the right property can increase significantly in value after it’s built, making purchasing off plan a financially sound decision.
Purchasing new-build or traditional property often depends on the time you’re able to put into your property abroad. As with older homes in the UK, traditional property can require more time to maintain but you get the added advantage of a property with character.
Because of the commitment needed to ensure the security and upkeep of a traditional home, this is often the favourite of buyers that wish to move abroad on a permanent basis.
New-build property makes a great lifestyle choice if you’re just using your property for a few months a year, or if you don’t have the time to maintain it.