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Buying off plan is a great opportunity to obtain the perfect property with some developers allowing you to tailor the new build property to your specific needs. You can also expect a stress free move in; buying off plan avoids the frustration of a long property chain.
Below are just a few reasons why so many of our clients are buying off-plan:
Off plan buying is a great way to secure a London property that you desire, whereas looking into developments for the right property could take many years to find. We can offer a vast range of off plan properties and prices thus giving you the scope to pick and choose the property you desire.
London new homes are well insulated and include double-glazing as standard, making them cheaper to run than older homes. MyLondonHome can conduct EPC tests on any London home to clarify a property's energy efficiency rating.
Many developers will offer a buyer the choice of floor coverings, finishes and colours and some developers often allow purchasers input into the design of their apartment (usually on early purchases). With so many new homes being built across central London, the standard of living has drastically improved with many developers ensuring the interior design of their development now works to maximise space and light.
New homes are safer and more secure than older homes. Smoke alarms, fired doors and fire redundant materials are fitted as standard contributing to the overall fire safety of the property. Also as standard new homes often include security locks, burglar alarms and security lighting. Many new developments in central London are now manned by 24 hr concierge and often include CCTV surveillance and video entry systems.
A brand new build property with brand new appliances is something you can look forward to. The cost of maintenance is an unknown issue for owner occupiers but rest assured as most new properties come with a 2 year manufacture guarantee and a 10 year NHBC certificate, Zurich Municipal or equivalent.
A deposit of 15% or 20% is often required when buying purchasing off plan. Investors will often look for schemes with a completion in 2-3 years' time, so they can benefit from capital growth (in the same way if you were buying a resale property) but with only a small amount of equity tied up, often allowing them to buy multiple units.
Many contracts are assignable and it is common practice for investors to buy off plan property with the intention of selling on before completion (before it is finished). The buyer who completes on the property when it is finished pays the government stamp duty. In essence, an investor can make profit on the 100% value whilst having only 20% tied up until completion.