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- 21st April 2021
What does buying 'off plan' mean?
Buying 'off plan' is an opportunity to reserve your new home when a development is first launched, this can be before the homes are built, or whilst they are still under construction.
If you are in a financial position that allows you to buy, perhaps you have just agreed a sale, then you will have the first opportunity to select from the variety of homes available, so that you can proceed with your purchase quickly, whilst the development is in its early stages.
Depending on the build stage of your chosen home at the time you have exchanged contracts with us, there may be an option to personalise your home, from our range of choices, such as floor and wall tiles in the kitchen and bathrooms, kitchen handles, doors, and worktops, to name a few.
What are the benefits of buying ‘off plan’?
The market for new homes can be hugely competitive due to the many benefits that comes with buying ‘new’. The chance to reserve your home at the earliest possible opportunity will help you avoid missing out and means you will have a wider selection of homes to choose from.
Reserving early means securing the market price of your new home at that time, which may be less than if you had waited potentially up to 6 months until the new home is finished.
Buying off-plan can often be a simpler buying process to buying a second-hand property with an existing owner, as there is no upward chain of buyers and sellers who could hold up your completion, or cause your purchase to fall through.
Your new home will come with a 10-year new-build warranty, which ensures it’s built to agreed standards and provides a third-party resolution service in case required.
Buying new means, you don’t need to worry about doing any DIY when you move in and hardly any ongoing maintenance is required, which is very convenient. We have a customer care team who will be your point of contract when you move in and assist you for the first two years of your 10-year warranty period.
What do I need to know?
As most homes are early in the contraction stage when we launch a new development, there are plenty of ways we can help you to visualise these homes and the development as a whole so that you are able to make an informed decision and feel confident in purchasing a Wyatt Home off plan.
Our Sales Advisors will provide you with a brochure which gives an insight into the surrounding areas, it’s amenities, transport links, a write up about our vision for the new community and computer-generated images (CGIs) of each house design.
You can also see the virtual tours found on the development pages on our website, which bring our homes to life using 3D imagery.
There may be a show home on the development for you to view and although it may not be the same as the property you are considering, it should give you an idea about the specification and finishes of our homes. You will be able to see for yourself the meticulous attention to detail and stunning design features in both the exteriors and interiors of our homes. We pride ourselves on providing high specification kitchen and bathroom fixtures and fittings, so there is little to upgrade. When you visit the show home, it can be an ideal opportunity to explore the local neighbourhood too.
When you decide on the home for you, our Sales Advisors will have all the plans you need, relating to the development as a whole, and of your individual home. This will enable you to visualise and gain a clear understanding of your future home and surrounding community, from the landscaping, parking arrangements, street lighting, general infrastructure, construction materials and the finer details and floorplan of your home.
Head over to our ‘Buying with Wyatt Homes’ page on our website for a guide to the buying process for any of our homes.
When you have chosen your home to buy 'off plan', our Sales Advisors can put you in touch with our recommended financial advisors and Solicitors, who have been approved by previous customers and are highly experienced in the processes involved when buying 'off plan', which will make your experience much smoother.
Our Sales Advisors will provide you with an anticipated completion date for your new home, though with any handmade product, delays can sometimes occur which may result in the anticipated completion date changing. There are things to consider in the event this happens, such as making alternative plans for your accommodation if, say, your tenancy notice is about to expire.
It is advised you inform your estate agent of your anticipated completion date and any changes to this, so they also know what to expect and can advise your buyer, and any other buyers in the chain of the same. An alternative, is to vacate your current home when your buyer is ready to exchange contracts, to temporary accommodation such as holiday home, short term rental or with family/friends, in order to offer your buyer a fixed completion date on your current home, so that you can continue waiting for your new home to be ready for occupation without that pressure.
If you are purchasing with a mortgage, most mortgage offers are valid for six months. If your completion date is further in the future, or there are unforeseen build delays, you may have to re-apply or request an extension.
It may not always be possible to physically view inside your home before you legally exchange contracts whilst it’s under construction, because of health and safety restrictions and we cannot delay exchange of contracts until you have seen your new home. Though please be assured, we will keep you updated how your home is coming along every step of the way.
When you reserve 'off plan' and exchange contracts, completion will be "on notice” rather than fixed. This is until your home has been signed off by the warranty provider and building regulations and the developer has confirmed your home is ready for you to move into. At this stage the developer will then serve notice for legal completion. When notice has been served, it’s generally a ten-day period, within which time you will complete on the purchase.
It is advised when you are first considering which Solicitor to use that you enquire whether they have dealt with 'off plan' and new build purchases before. Alternatively we can recommend Solicitors who are experts in this field.
When your home is at a stage that is safe to view inside, your Sales Advisor will invite you to meet with the Site Manager to attend your ‘Home Demonstration Tour’. This often takes place much closer to your Legal Completion date. We hope you’ll find this visit both helpful and interesting, as you’ll find out all you need to know about your home and its functional features to ensure you feel comfortable and familiar with your new home from the day you move in. Our Site Manager will be happy to answer any questions you may have – no question is a silly question! They will check how you are settling in 3 & 7 days after your Completion day, before you are introduced to our Customer Care department who will look after you for 2 years.’
Visit our Developments page to see our ‘Current’ and ‘Coming Soon’ developments, where you can contact our Sales Advisors, who will be able to advise which of our ‘built’ and ‘off plan’ homes are available.
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