Buying Off Plan

Doozergirl

My only experience of off plan was a £1000 reservation fee, exchange of contracts and 10% deposit 28 days later and balance on completion (2 years later). Sorry I can't help past that as we didn't buy.

Lil_Dee wrote:

I would not like to get off on the wrong foot here.

Lil Dee, you keep posting. Be assured that eurows wouldn't be the first choice encounter for many first time posters!

dora37

terrierlady wrote:

sorry, thought we were all helping!!!!!!!!!!!!!

I had just wanted anybodies knowledge/experience on what financial commitment is necessary on buying off plan - but the thread seemed to diversify into a general discussion on new builds. This wasn't a problem in itself - I was just re-asking the question, didn't mean to offend!

dora37

Doozergirl wrote:

My only experience of off plan was a £1000 reservation fee, exchange of contracts and 10% deposit 28 days later and balance on completion (2 years later). Sorry I can't help past that as we didn't buy.

Thanks Doozergirl,by the sounds of it different builders have different procedures. I'll contact the builders in the area individually for their information.

FaTB

dora37 wrote:

When buying 'Off Plan', what commitment is necessary - a reservation fee or full deposit?

Do different builders have different procedures or is it industry standard?

A little guidance would be appreciated!

Please tell me that you are not planning to either "Flip" or Buy to Let.

Because if you are PLEASE do lots of research, then decide not to do it.

The market today is very different to what it was 12 months ago.

dora37

FaTB wrote:

Please tell me that you are not planning to either "Flip" or Buy to Let.

Because if you are PLEASE do lots of research, then decide not to do it.

The market today is very different to what it was 12 months ago.

Thanks for your concern, however, I'm not planning on doing anything,just wanted some information!

monkeysnail

I am into buy to let and have bought few properties off plan as they all new, thus not having too many problems the first few years (ie, plumbing, etc). Plus, they are insured by the develepers. So, any problems, just a phone call away.

I have 3 properties bought off plan and so far earned 100K within 2 years.

In the new development I bought, they require 1000 res fee, 5% deposit in 6 weeks, then the remainder upon completion.

It depends on the development. They all have their own set of rules.

Be focused on what you want to do. Don't let nasty posts put you down. This is your decision and your money. Just like you are not telling them on how to run their businesses.

All you need is an answer to a simple question and not what not to invest in.