Buying off-plan property in East London? Read my quick guide…
There are many advantages to buying new-build property off-plan, but it’s important to be aware of how the transaction differs from other property purchases so you get the best from the deal. On the one hand, you’ll be buying a property that’s guaranteed for ten years; on the other, you won’t be able to view your future home before you commit.
Here’s my quick guide to buying property off-plan in East London:
Finance and mortgage
When you’re buying property off-plan, the mortgage process is a little different from buying an existing property. This is because of time frames – you will need to pay for your new apartment before the mortgage offer expires, even though this date will be before the development is complete. Fortunately, lenders will now offer off-plan mortgages – most independent mortgage brokers offer free advice and can help you find a good deal that also takes your status as an off-plan buyer into account.
Do your homework
Whatever property you’re buying, you should always do your homework, check out the area and find out as much as you can about the development. There’s a bit more effort required when you’re buying off-plan, as matters like proximity to noisy railway lines and coffee shops won’t be obvious until the development is complete. But there’s nothing to stop you visiting the development – you’ll probably go there anyway to visit the marketing suite and show apartments and you should look at the surrounding area at the same time.
Choose the best one you can afford
It can be hard to imagine the differences between an apartment on the second floor and one on the thirty-second when the development has yet to be built. However, it’s worth remembering that apartments on higher floors often appreciate more in value than those on lower floors, and of course, while you’re living there, you’ll get a marvellous view instead of a peep into your neighbour’s window. On the other hand, for riverside developments, ground floor flats looking directly onto the water have their own appeal.
The plans will show you which way the development faces, and which floors have available apartments. Whatever the characteristics of the development, it’s a good idea to invest in its advantages so you have a lovely home, as well as a great selling point when the time comes.
New developments all have their own brochures, available both online and in hard copy. Read them – that’s what they’re for! Of course, developers will show the new buildings in the best possible light, but these brochures contain a lot of useful information as well. If there’s anything you’re not sure about, jot it down and ask your estate agent. Don’t be afraid to ask if your new apartment will be different from the show apartment, whether kitchen appliances are included in the price, or anything else that occurs to you.
I have been selling property off-plan in East London for well over a decade. If you have property to sell off-plan, would like to buy or just need some help understanding the process, give me, Adam Dockley, a call today on 020 3633 4440.