We recently featured a contemporary development in North Finchley, Rosebay House, which is available to buy off plan. Buying off plan is increasingly becoming the norm with new luxury developments. Demand for these types of properties is high and when the right home in the right location becomes available, buyers don’t hang around!

That’s why new developments like Rosebay House N12 are attracting attention before they’re built, and why one of the flats at Rosebay House has already been reserved. This development is also available to first time house buyers through the Help to Buy scheme, which means you can secure a new property off plan with a smaller deposit (5%) than you might need for an older property.

The Help to Buy scheme is also creating a lot of interest in new contemporary builds, particularly with couples and individuals who want a one or two bedroom home in London.

Tips For Buying Off Plan

There are many advantages to buying off plan rather than buying an existing property. Firstly, you get a new home, one that no one else has had a chance to live in and inflict their taste on! In fact you may also have the opportunity to personalise your new home by choosing the fixtures and fittings you want.

Secondly, depending on the property market you may find that the value of your home increases even before you move in so buying off plan rather than waiting until the property is complete can help save you some money. It could also mean the difference between buying a home and missing out entirely, especially in popular areas in London and the South East.

Understandably, if you haven’t bought off plan before, you may be a little anxious about the process. The following tips will help you navigate your way around buying off plan, and put you in the best position to get on the property ladder:

  • Visualise the space – it’s hard to imagine what rooms in a property will look like from a plan, even with helpful illustrations. So look at similar sized properties to get an idea of how your furniture and possessions will fit into a comparable room, or map it out in a large space – a sports hall or empty car park is a good way to visualise what your floor space will actually look like!
  • Think about looking in and looking out – consider what the view from your property will be like and whether you will be overlooked by other properties.
  • Explore the local area – without an actual property to look at it can be hard to imagine what it will be like to live in an area. Spend some time in neighbourhood exploring the area and getting a feel for how your life will be in your new home.

If Rosebay House sounds interesting, you can download the brochure with plans here.

And for some practical tips…

  • Get a mortgage offer in principle – sort out your finances first so you know exactly how much money you have available and whether you’re eligible for Help to Buy. However, bear in mind that mortgage offers are usually only valid for 6 months and therefore if the completion date is later than this, you may need to reapply. Some lenders have longer completion deadlines for new builds.
  • Ask how much the deposit is – you’ll also need to know what the deposit is so you can arrange for this money to be available when you come to exchange. If you’re using a Help to Buy scheme this will be partially funded by a government loan.
  • Find out how much the reservation fee is – you’ll need to put down a reservation fee initially and then your deposit when you exchange. Make sure you know how much cash you’ll need so there are no unexpected surprises.

We hope that the tips above give you confidence to consider buying off plan and purchasing a contemporary new home. Buying off plan opens up new possibilities for homebuyers, particular in areas with a shortage of desirable housing for first time buyers.

The government’s Help to Buy scheme is also some worth considering, further details about this scheme can be found here – www.helptobuy.gov.uk

Not all new builds are available to purchase using Help to Buy, but some like Rosebay House are. No wonder this development is already seeing so much interest! Click here if you would like to find out more.