Buying off plan discount property.
Many Property Developers such as Galliard Homes provide the opportunity to buy a property before build complete and sometimes before the build project has started. In return Investors or Homebuyers buying an off plan property, can negotiate a discount against the planned market release price. If you are a Buy to let Cash Buyer and you can get to exchange fast then you will be able to negotiate hard.
Property Developers - Selling off plan
Property Developers sell of plan to generate cash flow and certainty around a project. If they can get a number of people say 20% of the scheme sold then they can reduce their borrowing and possibly speed up the build. The Developer can market the property and the Buyers can choose which plot suits their needs. Building in a regeneration area brings massive benefits and in some cases the commute time to key locations is also improved.
Buy to let cash Buyer or Homebuyer. Finding a Solicitor
If you are a Buy to let Cash Buyer or Homebuyer then you can compare Conveyancers costs in just one search using the Homebuyer calculator. You can filter by cheapest, nearest and if you do have a mortgage then you can filter by specific Mortgage Lender. No personal details are required to view and compare Solicitors fees, pricing.
Deposit Guarantee Scheme
Some Developers to reduce risk for Buyers do provide a deposit guarantee. Reputation is key so if off plan is for you then go with a reputable company. Experience does matter. Some Developers provide a show home where you can look at the layout and quality of the interior and exterior finishes. You may want the layout changed slightly and some Developers can change the internal layout to maybe provide an extra bedroom or larger kitchen.
Before you sign compare your property with others locally.
Is your discounted price a true discount?
What are the transport links like?
You may need the services of a Management Agent, which is the best in the area?
What is the development build out plan?
Is the property, apartment in an area where there is demand?
Have you asked a few Agents what the expected rental income will be?
What needs to be done once the property has been completed to satisfy tenant licensing. Smoke alarms etc
Will it be your Home or Investment?
Have you taken in to account the extra Stamp Duty Land Tax that is applicable if it is an additional property.
Pausing before you sign will help you generate your own list of questions. Homebuyers and investors can then move swiftly and find an independent Conveyancing Solicitor using the Homebuyer calculator.
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