Frequently Asked Questions (FAQs)
What is the required deposit for purchasing an off-the-plan property?
Typically, the standard deposit amounts to 10% upon contract exchange, with the remaining balance payable at settlement. Prior to settlement, many buyers opt to secure a loan from a lender, typically ranging between 50% to 80% of the property's value, contingent upon their financial circumstances.
Would it be wiser to accumulate more savings or proceed with the purchase at this time?
When interest rates are low and the market is on the rise, property prices typically escalate faster than your savings can accumulate. In such cases, it's usually more advantageous to buy your home as soon as you have the means to afford it.
What expenses should I anticipate?
Apart from expression of interest and initial deposits, the costs associated with purchasing an off-the-plan property primarily encompass solicitor fees and, if applicable, stamp duty.
What is my borrowing capacity?
The most straightforward method to ascertain the amount you can borrow is by consulting with a mortgage broker. They can typically conduct a complimentary assessment of your borrowing capacity, considering factors such as your income, financial circumstances, and other relevant details.