When buying a new build home, you may have the option of buying ‘off plan’ – this means purchasing a property before it has been completed, or perhaps even before construction has begun. This offers homeowners the opportunity to secure their dream home before it even exists. In fact, 37% of new homes sold in England and Wales in 2021 were sold off plan, up from 35% in 2020. Given the benefits that buying off plan offers, it is a desirable choice for many prospective homeowners. Award-winning housebuilder, Crest Nicholson, shares its top reasons to consider buying off-plan:
- More customisable – A key benefit of buying a property off-plan means you have greater oversight of its construction from the ground up and can put your mark on your home before you even step through the door. This may mean you can choose your preferred fixtures, fittings, and finishes, or pay for any add-on or upgrade features in your home, rather than retrofitting later down the line. You can often also choose the kitchen that is fitted and what tiling you have, giving you the option for a more contemporary or traditional style.
- First come, first served – Buying a property at the infancy stage of a development or phase means you have a wider choice of properties to choose from, as you would be reserving before the majority of purchasers. Having all available plots at your disposal means you can fully assess all your options and get the luxury of choosing both the best located plot and the ideal house type that best suits your needs. There’s no such thing as slim pickings when buying off-plan!
- Strong capital growth – In the current market, buying off-plan can also be a considerable investment opportunity. The properly is likely to increase in value over the course of its construction, and again once the development itself is complete. This gives properties long-term potential and presents an attractive capital growth opportunity for buyers, with your purchase more likely to offer a good return if you look to resell later down the line.
- Time to prepare - Even though with an off-plan property you may be waiting a little longer to get your keys than with market-ready homes, this gives some homeowners that much-desired time to prepare for their move. First time buyers, for example, may not be in a great rush to move right away as they wait for their rental agreement to come to an end, and this time also gives them the chance to continue saving so when they move in they can purchase any furniture they need right away.
- Show home inspiration – Whilst you won't be able to see your exact plot at the time of reservation, you can get a feel for it by looking at a show home on site at the development once it is available to view, providing a source of inspiration for what you could do with the space. With Crest Nicholson’s newly introduced house types, you can even view a replica of the same house type you are going to buy at another nearby development.
- Overseeing the journey – Once you’ve secured your plot, your housebuilder will be able to bring you along on the journey of your home’s This means you’ll be able to see your home being built from the ground up, and you can visit it at various build stages accompanied by the site manager responsible for the build. Crest Nicholson, for example, offer site visits where homeowners put on a hard hat, high-vis jacket, and boots, and can see how your property is coming along. This really adds to the excitement!