Buying a property and relocate myself?

[cade]

Hi,
I am a first time buyer, I am keen to buy a property (an apartment) and relocate to the city. I am in no rush to buy; say within the next 18months, and so I am interested in saving by buying a property that is not yet built.
Also, where can I find out more about such properties, as although I have only had a superficial look, there doesn?t seem to be much information on the net?

Would I have to travel down and visit a few estate agencies?
Regards
Cade

 

[cameron]

Hi Cade,

I'm not an expert, but seeing as you've had no replies so far...

You say, "relocate to the city", do you mean THE City, as in London's financial quarter, or a city near to you? If the former, you might be targeting too small an area for starters, and a very difficult one for a FTB.

I almost bought "off plan" a couple of years ago, and wish I had. You set the price when you pay the deposit, and then sit back, watching the (theoretical) price of the apartment go up, while you do nothing (mortgage payments only start when the build is complete).

To find one in the first place, visit the area to see what's in progress (not too late until all plots sold) and ask friends/family in that area to scan local papers, keep an eye out - a local should know what's being built around them, we're nosy by nature.

At the same time, get an "agreement in principle" (mortgage) and save your cash - you might need 10%, maybe more, to reserve a property (regardless of what your mortgage deal is).

The reason I missed out on my "off plan"? I got to the sales office 10 minutes before the advertised time that the flats would begin to be sold 9early I though!!). Alas, over 100 people got there first, and about a dozen had been queuing for FOUR DAYS!!!!
Thank you
Cameron