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More homeowners buying off-plan

Wednesday, 23 November 2005 12:00 AM

Buying property off-plan used to be the domain of property investors looking to make a quick profit.

Owner-occupiers have typically wanted to see the physical manifestation of the property before making what is likely to be the biggest purchase of their lives.

However, figures from Linden Homes show that the desire of homeowners to 'cherry pick' their ideal plot means this is no longer the case.

According to the housebuilder, 62.5 per cent of off-plan purchases are now made by owner-occupiers, with the remaining 37.5 per cent going to investors.

"Traditionally the domain of professional investors, off-plan purchases are becoming more attractive to owner-occupiers who are less daunted than they used to be about buying something they can't see," said Philip Davies, Linden Homes' chief executive.

"The procedures in place are now more or less universal and follow a well-established system that will take customers along a clearly marked path from initial perusal to final possession."

There are obvious disadvantages in not being able to see the physical manifestation of the property before buying it - well-drawn plans and computer-generated images certainly help, but are not the same as seeing the real thing.

However, this can be offset by advantages such as the property rising in value before the homeowner even moves in.

Purchasers of off-plan properties can also typically choose their preferred fixtures and fittings, whereas buying a new house after it has been constructed will often mean living with whatever fixtures and fittings the builder has chosen.

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