Off-plan property refers to homes purchased directly from a developer before construction is completed—or in some cases, before it has even started. Buyers typically secure the property at a fixed price based on the developer’s plans, brochures, and digital renderings.
Buying a property off-plan has become an increasingly popular route for property ownership and investment. It carries several key advantages which will be discussed in this article. As Manchester continues to grow rapidly in demand, off-plan developments offer a key channel by which the attractive, forward-looking homes of the future are delivered.
Buying a property off-plan comes with several key advantages that are worth considering when looking for your next home, additional home, or investment.
Off-plan properties typically have a significantly lower purchase price than they would at the point of, or after, completion.
This lower price reflects the inconvenience of having to wait for the completion date before buyers can move in or tenant the property. A completion date further in the future will typically have a greater early bird discount.
Many homeowners and investors are attracted to off-plan developments due to their modernity. Once completed, off-plan properties will benefit from modern features making them more comfortable and efficient to run. This may include smart thermostats, modern boilers, improved insulation, and triple-glazed, acoustic glass.
Many off-plan developments boast luxury amenities exclusively for residents such as a spa & wellness centre, gym, pool, co-working spaces or even restaurants and bars.
This newness will also mean fewer repairs and maintenance costs to the buyer. Off-plan properties often come with extended warranties that reduce the risk of unexpected costs.
Off-plan purchases often require just a small deposit (typically 10-30%), with the remainder due upon completion. This staggered payment structure can be a convenient method of property purchase and capital management.
Off-plan properties in popular areas – like Manchester – tend to attract strong demand which will only increase upon completion. Manchester is expected to experience 19.3% capital growth over the next 5 years (Source – JLL).
Buying a off-plan property not only offer buyers a comfortable, modern residence to live in or let, but also a smart, forward-looking investment strategy.
Off-plan properties are often built in conjunction with both local authorities and other developers meaning that whole areas can be regenerated over the course of 5 years. Previously neglected areas can rapidly become thriving and well-connected, teeming with new businesses, offices and opportunities.
Trafford is a great example with over £1.5bn flooding into the area. As a rapidly developing Manchester area with excellent transport connections to the city centre and wider regions, it is increasingly growing in popularity.
Buying off-plan in Manchester is a great way to get on the train of development early. The forecasted growth in the city’s property market is staggering – buying off-plan is a smart strategy to secure your place in this growing market.
Pure City Living, through our decades of experience, have the right expertise to help you find the right off-plan development suited to your needs. Take a look at our listed off-plan properties by clicking the button below, or get in touch with one of our specialist agents today.