Purchasing off plan property

Properties in the UK usually come with a 99-year lease. Building a new development can take from eight to 18 months. Purchasing off plan property early in the development will mean buying for prices at that time – with the discount to come off too. When the development is completed, the property will hopefully have gone up in value. It would be possible to sell shortly after completion to make a fairly quick profit.

Buying off-plan abroad has the same basic features as buying in the UK, with the main difference being the distance to your development. Travelling to see your off plan property as it is developed will not be as easy as visiting one on mainland Britain. That is why foreign locations easily reached and served by cheap airlines quickly become property hot-spots with UK investors looking abroad. Another issue when considering off plan property abroad is the legal system. You really need to understand how it works, what you can and cannot buy legally work – for example, can you buy as an individual or will you have to do it through a company? In some countries, buildings and land are subject to different laws.  The other main point to consider is the financing. If you’re paying in cash perhaps by releasing equity at home, then fine, but if not you will need a mortgage in the country of purchase. It is best to consider providers who are at least willing to offer you all the services you need – legals, mortgages, lettings – even if you don’t use them.