A step-by-step guide to buying off-plan

If you’re searching for a new home, chances are you’ve come across the term ‘off-plan’ a few times. In this guide, we explain what off-plan means and what you need to know about the process of buying off-plan.

When people talk about an ‘off-plan’ property, they simply mean a property that hasn’t been built yet. It’s a common way for homes to be sold at new developments.

Key steps to buying off-plan

The process of buying off-plan is slightly different from buying a market-ready home. Here’s what to expect.

1. Choosing an off-plan home

• Start browsing developments in the area you want to live in
• Websites and brochures often show enticing visuals of elevations and interiors, so look carefully at floorplans and specifications to make sure the images match the house type of the plot you’re interested in
• Ask the sales team at your chosen development if they offer any Early Bird schemes that allow you to secure your perfect plot before it’s even been released for sale

5. Exchanging contracts and completing

• As soon as the contracts are signed, you pay your deposit – usually 10% of the purchase price
• Before the reservation expiry date, solicitors representing you and the developer will exchange contracts
• When you buy off-plan, instead of setting a completion date when the contracts are exchanged, your developer will give you an estimate for a build completion date
• The legal completion date is only set once the build has been completed and the developer serves notice to your solicitor

6. Making it yours

• A huge benefit to buying off-plan is being able to style your home your way
• While your home is being built, you can have fun making decisions that will make it truly yours – from colour schemes, lighting and flooring, to bathroom fittings, kitchen appliances and garden features
• Generally speaking, the earlier you reserve your plot, the greater the choice you’ll have over upgrades, add-ons and finishing touches

7. Final checks

• Attend any site visit and new home demonstration offered by your developer – it’s a great opportunity to see your new home, learn how it works and discuss any issues

Questions to ask when buying off-plan

Buying off-plan is different from buying a home you can visit in person, where you can inspect the features and feel the finish. That means it’s extra important to do your research so you know exactly what you’re getting.

Your conveyancer should be able to answer questions about the legal process, but here are some useful questions to ask your developer before you commit to buying off-plan.

• What are the detailed specifications of my property?
• What exactly is included in the price?
• Do I have the option to change or upgrade the layout, fixtures, fittings or materials, and at what stages in the build process?
• Is my deposit protected if something goes wrong with the build or the wider development?
• Can I see planning consent documents?
• What happens if the build completion date is delayed?
• What are the estate management fees?
• Can I view a property on the development with the same or similar layout and spec?
• Will I be able to visit the property while it’s being built?
• Will my property be one of the first built on the site or one of the last?
• When is the development due to be finished?

So, is buying off-plan right for you?

Whether you’re dreaming of a modern home for your growing family, an affordable way to get on the property ladder or a hassle-free way to downsize, buying off-plan comes with some serious benefits.

Use this handy checklist to decide if buying off-plan is right for you.

If you’re ticking all the boxes, buying off-plan with Persimmon could definitely be the way forward. Get in touch with us today to see what's possible.