Buying a property that hasn't been completed (or even started) may seem like a nerve-wracking prospect.
Yet choosing an off-plan home is becoming increasingly popular: last year 67 percent of off-plan purchases were made by first-time buyers, a figure driven by a lack of second-hand homes on the market.
Of course, advances in technology mean you may be able to take a sort of computer-generated walk through your future home.
On the ladder: Last year, 67% of off-plan purchases were made by first-time buyers alone, a figure driven by a lack of second-hand homes on the market
But in the end, an off-plan purchase is just that: there is little or nothing concrete to see.
So what are the pros and cons of buying a house before the shovel hits the earth?
We asked the experts…
An opportunity to create your dream home
Signing up for an off-plan property means you can secure your new home for a relatively low booking fee, usually just a few hundred pounds, says Andrew Duncan, land director at Kelvin Properties.
'Buying early can give the buyer peace of mind that they have secured their home, avoiding the stress of the open market that can lead to disappointment or overpaying.'
It also means that you can let your imagination run wild and really create a dream home.
'One of the biggest benefits of buying off-plan is that buyers can personalize their home – from kitchen cabinets to bathroom tiles and flooring,' says Yolanda Jacob, sales and marketing director at Barratt East London.
Off-plan homes can also be equipped with the latest technology, sustainability and architectural trends.
Will it save you money?
Possible, but it is not clear. Buying off plan means you get your property at a fixed price during the construction phase. So hopefully by the time it's done the value will have increased.
But Louisa Jade Tomlin, field sales manager for Dandara Northern Home Counties, warns: 'Please note that house prices are still dependent on several factors, including location, the general property market and the reputation of the developer.'
However, there are even more money-saving aspects to buying a home this way.
James Needham, director at property investment experts Alesco, says: 'New properties also typically require less maintenance and repairs, reducing running costs, while they are also generally more energy efficient, leading to lower heating and water costs.'
Reserved: Off-plan properties can be secured for a low booking fee, but buyers must be vigilant and keep an eye on the developer's progress
How long will construction take?
Your developer must deliver your home on time and to the agreed standard. But for this to happen, you need to do due diligence.
For example, if you want to build several houses, you can be assured that the entire development will be completed as planned, and you will not be obliged to buy a property in the middle of a field.
Peregrine Mears, director of Peregrine Mears Architects Ltd, says: 'It is also essential that you agree the specification before committing.
'It must be clear, detailed and part of the contract. For example, kitchen cabinets with white goods, including manufacturer's brand and model number.'
After you purchase your home, visit the site regularly to monitor progress.
Most developers adhere to the Consumer Code For House Builders or the New Homes Quality Code, both industry charters designed to protect consumers, says Andrew Duncan.
'These codes require the developer to include protections in the legal contract to deal with a scenario where the as-built property is required to be different (for example, construction materials, design or layout) than what the buyer was presented with at the time he reserved the house. property.'
Such provisions strike a balance between the practical need for a developer to make occasional minor changes to what was originally planned and the buyer's need for protection against changes that would have a significant or substantial impact on the size, appearance or value of the property for which he has contracted. .
What are the likely pitfalls?
Yolanda Jacob suggests that potential buyers visit other projects from the same builder.
“This often gives buyers peace of mind because they can see the end result,” she says.
Above all, treat your builder well, keep in regular contact and ask lots of questions.
“Create an open dialogue to get up-to-date feedback on progress and to be notified of any issues that arise,” adds Chris Breckenridge, partner at real estate agency Corum.