Off plan developments`or Resales?
Many of our clients agonising over whether to purchase a brand new home off
plan or to plump for an existing property that is being sold by its current
owner.
There is no definitive answer to this dilemma just a few basic facts to consider.
| New build/off plan
developments |
| Pros |
| Usually cheaper than the equivalent resale property
by about 15% |
| Covered by the 10yr legally enforceable builders
guarantee |
| Everything brand new when you move in |
| Most constructors will accept a 50% deposit which
will secure the property and fix the price until you take possession. |
| Cons |
| Waiting for construction to be completed sometimes
upto 2 years |
| Sometimes building work will be continuing in
the vicinity even after you have taken possession |
| Existing homes/Resales |
| Pros |
| No waiting time you can move in as soon as the
legalities are completed |
| Often sold with some or all of the furniture
included |
| Sometimes the property will be slightly larger
than new build houses (like at home in the UK) |
| Building in the surrounding area is usually completed |
| Cons |
| The property may need some refurbishment |
| If it is over 10yrs old the builders guarantee
will not be valid |
| Full payment must be made on completion usually
6 weeks from reservation |
|
