Opinions on buying 'off plans'

chris_ie

Hi,
Just wondering what peoples opinions/experiences of buying off plans are? We viewed a show-house a while back which we liked, the finish (curtains, wallpaper etc) was a bit OTT in the show-house which meant it was a bit more expensive but there are plans for another few houses to go up beside it. Its not an estate, just separate half acre (min) plots. We've seen a few houses this guy has built and they are all very nicely done. The house is available off plans and at a decent price. Normally I would be against buying off plans as I'd rather see what I was buying first, but might consider it.

okedoke

There has to be at least a significant chance that the developer will go bust before your/all of the houses are complete - I would avoid taking this risk if possible.

The only real rationale for buying off plans is that you are afraid of someone else buying the house - that's pretty unlikely at the moment.

chris_ie

okedoke wrote: »

There has to be at least a significant chance that the developer will go bust before your/all of the houses are complete - I would avoid taking this risk if possible.

The only real rationale for buying off plans is that you are afraid of someone else buying the house - that's pretty unlikely at the moment.

There are a number of house's available off plans so no, no worry of people snapping them up. That thought had entered my head of the developer getting in to bother. I think he still has other houses on the market that have been there quite a while, the price on the show house dropped alot also, so he possibly could have the banks on his back.

silja

The other issue, even if you get your house, is you say there are a number of other houses available- this could mean you end up in a ghost estate (even if it's technically not an estate), which can mean vandalism and a lack of community.

the_syco

You're buying something that does not exist. If you go along this road, ensure there are clauses that will allow you to pull out without cost to you if the builder doesn't build it by X date.

As it stands, he could build the house, but not have it finished, or just leave large chunks out, and you'd have to wait. Heck, you run the risk of getting nothing if he goes bust.

Proceed with caution.

chris_ie

Wouldnt have a fear of it being a 'ghost estate'. Hard to explain but it wouldnt go like that. The only concerns I have are what other posters have mentioned, builder going bust, delays etc.. Very unlikely we will go this route as we could do without the stress and there are other houses dropping into our price range as time goes on. Find it funny though, you see a nice house at an inflated price, you like it and would love for the price to drop, once the price drops then to an affordable level the first question that pops into your head is "Whats wrong with it....."

Treehouse72

You'd have to be "off your rocker" to buy "off plan" in Ireland in mid 2011.

Mr. Loverman

There are thousands of finished properties you could buy. I see no advantages to buying off the plans.