Buying offplan
 

Hi all,

In my search for a good buy to let property I have started looking into some offplan projects.

Has anyone any experience with buying offplan? Anything I should look out for and avoid?

Thanks

KC

Re: Buying offplan
 

Please don't consider buying off-plan here.:fingerscrossed:

Re: Buying offplan
 

:goodpost:

There are some horrific stories, I'll dig them out (or the links) once I get home.

Re: Buying offplan
 

make sure the developers don't need your money to finish the building !

Re: Buying offplan
 

I can't think of anything that could possibly go wrong tbh

Re: Buying offplan
 

Research KC. My cousin just bought a 2 bed near Romford off plan and has probably made 20k before moving in. Plans always look good but go to the site and see how it will fit in with neighboring buildings and what views you will have.

You will have no issues with reputable developers in the UK and usually staged payments. I would recommend it but do the research of where it will be and how it will look finished.

Re: Buying offplan
 

Did you cave in to your landlord and agree to the higher rent?

I want to know before I give you any more property advice.

Cheers

Re: Buying offplan
 

Obviously not here- what kind of an idiot do you take me for?

Ethos it's under dispute at the mo so I haven't caved just yet!

Re: Buying offplan
 

Phew!! Thought you meant here, UK can be OK depending on the developer.

Re: Buying offplan
 

So there are people who want to live near Romford !!!

Never been the same since Hollywood's went !

Re: Buying offplan
 

Good.

Two advice when it comes to property:

1. Buy in the most upmarket area you an afford. More stable for a variety of reasons - higher income tenants are likely to be more respectful of the property and not treat it like shite.

2. Pay close attention to the catchment area the property is located in. The better the schools, the easier it'll be to rent out the property. Parents who care about good schooling are more likely to be the kind of tenants who will treat the property well.

Owning the property is half the story. The tenants are the other half. You want to do everything possible to get as reliable and responsible tenants as possible.

Another possibility is the buy-to-let for student accommodation, although there's a chance university enrolment will decline in the near future.

Re: Buying offplan
 

Good point. I had to meet my landlords once before they would 'accept' my ex and I as tenants.

It was literally 5 minutes of a chat and wander around the apartment and they were happy. Nice guys too.

Re: Buying offplan
 

I'm just looking at a 1 bed flat in commutersville so young commuters who hopefully would have a bit of respect for the place...

I have looked at a couple of student places around essex university but obviously students come as high risk tenants.

Re: Buying offplan
 

and they let you stay there !!!:eek:

Re: Buying offplan
 

I'm an impressive guy.