Many of our clients agonising over whether to purchase a brand new
home off plan or to purchase an existing property that is being sold by its current
owner.
New build/off plan
developments
Pros
Usually cheaper than the equivalent resale property by about
15%
Covered by the 10yr legally enforceable builders guarantee
Everything brand new when you move in
Most constructors will accept a 50% deposit which will secure the
property and fix the price until you take possession.
Cons
Waiting for construction to be completed sometimes upto 2
years
Sometimes building work will be continuing in the vicinity even
after you have taken possession
Existing
homes/Resales
Pros
No waiting time you can move in as soon as the legalities are
completed
Often sold with some or all of the furniture included
Sometimes the property will be slightly larger than new build
houses
Building in the surrounding area is usually completed
Cons
The property may need some refurbishment
If it is over 10yrs old the builders guarantee will not be
valid
Full payment must be made on completion usually 6 weeks from
reservation
