Reply To: Investing versus Enjoyment


Hi Spademan

as I am sure you are aware there are a lot of property about on the market – so buying off plan at the moment may not be the best idea. However if you do decide to go down that route then before you make any commitment to buying with a particular development go and see some of his previous developments, check out the quality of the build and the materials used. Ask some of the people who bought there what their experience was like with this particular developer, what snags they had and what the developer did to correct them.

Most developers have at least one previous development, and going there yourself and checking it out for your self (asking the people yourself too) is the best way of finding out if what you are being told by the developer is in fact the reality of the situation

Also please bear in mind that timescales given do tend to be optimistic to say the least. Usually you can add another 18 months onto completion times given.

And the usual stock advice applies

1. Get an independent solicitor – preferably before you go to buy
2. Make sure he (your solicitor) proves to you that there are licences in place
3. Make sure he insists and gets the Bank Guarantee
4. Make sure that he checks the contract and it is not totally in the favour of the developer – you don’t have to accept what is in the contract – providing both parties agree to changes there is no reason why reasonable requests cannot be accommodated.
5. Offer well below the asking price – there arent a lot of buyers around at present so you may find a good discount forthcoming

Best of luck and as Suzanne says – do your research. You can never be too careful

One last thing to bear in mind – it is YOUR money that you are investing – so don’t give it over easily to someone you don’t know. With every payment you make I would advise putting the money into an ESCROW account UNTIL you see sight of the Bank Guarantee. Only then release the funds (as only then can you be sure you are protected.)

Best of luck and I hope you find what you are looking for