Buying a resale property which is already constructed, gives you the advantage of seeing how the property works in terms of distribution, views and orientation to the sun. You get to stand within the four walls, to touch and feel it before you buy.
You may find a vendor who is motivated to sell, and be able to negotiate a great price compared to newer properties of the same specification, and of course buying a resale property means you can take ownership right away and won’t need to wait for construction
Buying off-plan on the other hand, means you will be waiting between six months and two years for completion but offers several distinct advantages over buying a resale.
First and foremost, buying off-plan means you are getting in well below market-price, sometimes by as much as 40% less than the completed project would cost. Many developers offer attractive payment terms with stage payments, which means all your capital is not tied up from day one.
You also get to cherry pick the best location and if you are planning to make a return on your investment, choosing the best plot with the best view is always going to make it easier to re-sell further down the line. Nowadays developers offer refined technology with 3D artist impressions and virtual tours to give you a real sense of what the finished project is going to offer.
Improved building controls mean that new homes have to meet the new modern standards in terms of insulation and energy efficiency and you can often also choose your own tiles, worktops, fittings and fixtures and sometimes even tweak the layout to make your new home bespoke.
New builds are constructed in a contemporary style with large open plan living spaces and an emphasis on natural light and outside space and come with a ten year warranty so you won’t need to budget for repairs either.