You could be looking around an older-style property like the detached bungalow on Durham Square, Duddingston, and your imagination could go wild as you envision yourself inviting friends over for a dinner party and preparing it all in the fantastic Poggenpohl fitted kitchen.
If something a bit newer appeals, you could opt for a gorgeous ready-to-move-into stylish modern town house at Kimmerghame Drive, Fettes. It includes all fitted carpets, curtains, blinds, cooker, automatic washer/dryer, American style fridge freezer and dishwasher, together with ‘Amtico’ flooring in hall, dining kitchen and cloakroom.
If it’s an absolutely brand new property you’ve set your heart on, you could always buy ‘off plan’. With a buoyant housing market it’s something that many homebuyers and property investors are doing to ensure that they get a great deal on a new property.
It can be a bit of a gamble, but it works in your favour if the housing market is on the up. You buy your intended property in advance, at the current market price, and then by the time the development is completed it’s likely that with capital appreciation it will be worth more than you paid for it before you even move in. It’s possible to make a profit of 10 to 20 per cent from an initial 10 per cent deposit. From a purely practical point of view, buying a brand new home means that everything in it is new and built as you specified, it’s ready to move straight into and won’t need any repairs or decorating for a while.
The down side is that if repairs are needed, you might have to argue with the builder as to who should pay for them, and depending on how early in the development your property is ready, you might end up living in a building site for a while. If you’re really unlucky, you might even find that the house you’ve bought isn’t anything like the one you saw on the plan or the show home…and you could lose money if house prices drop.
The opportunity to buy off-plan is offered to investment companies first, and they tend to buy a number of them before a new development is launched. Whichever properties are left then get offered to individual investors. The agent will have all of the relevant off-plan marketing material and potential buyers are given an opportunity to have a look around a show home, which should be available in each property specification, before they decide to invest.
So – older property, newer property or buying off-plan? If you’re not sure, we’d be delighted to give you more advice on your options.
