Saturday, August 03, 2013

Buying a Property Off Plan

I have been thinking a lot recently about buying a property to let out in order to get a passive income. I have even thought that buying a brand new property, perhaps off plan. could be a good way to make sure that it is a decent property. However, I read a very interesting BBC article today - http://www.bbc.co.uk/news/business-23547988 which had a lot of information about this and it make me think harder about buying off plan.

I had always assumed that buying off plan would be better as you get a better quality property. However, the article points out that it could be necessary to get a snagging survey done because there could be up to 8- defects in a brand new property. However, it did also point out some of the advantages, such as being able to choose fixtures and fittings.

Personally I will give this a lot more thought and until I have the money available to buy a property, I will not be doing so anyway. However, it has certainly opened my eyes as to some of the problems with new properties, that i had perhaps assumed would not happen. I always thought there was more likely to be problems with an older property, but it seems that this may not be the case.

Have you ever bought off plan or lived in a brand new property and had problems with it?

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