Finance your Home
Buying directly from a developer
The concept behind buying directly from a developer is to purchase a unit off-plan, thus avoiding having to pay transfer duty, as the developer has to pay VAT. Off-plan means that your unit has yet to be constructed. On completion you may then take occupation of the property.
When buying off-plan developments, the developer will require a deposit to secure your unit. When buying off-plan you must be aware of what is included and what is excluded. It is your responsibility to ensure that final payment is not made to the seller/developer prior to occupation taking place, as you could be liable for interest and repayment of the bond.
If considering buying directly from a developer:
- View the development plan: ensure that you view the development plan and enquire about the time scale and number of planned future phases in a very large complex. You may be able to change aspects of the interior decorating when buying off-plan property
- Deal with a reputable developer: ensure that you are dealing with a reputable developer who has a well-known and proven track record (investigate the developer’s credentials before making a commitment to purchase a unit)
- Deal with a reputable builder: Establish whether the developer is using the services of a reputable builder