This week we turned our attention to off-plan property: it was a hot topic (with lots of money made and lost) in the last property boom, and it’s back in the news again. So what do you need to know?
Well, as buying off-plan basically means buying a property that doesn’t exist yet, there are risks as well as rewards. We talked about:
- What off-plan means
- How Rob B personally lost money on off-plan property, despite knowing plenty about the sector
- The benefits: the potential for a good deal, and the opportunity for massive leverage
- The risks: developers going bust, the market turning, and trouble with financing
- How to mitigate those risks: Using a scheme covered by the NHBC, avoiding heated markets, and working with experts
In short, it’s all the usual due diligence plus more – but the rewards can be there if you’re willing to put in the work and take a calculated risk.
Resource of the week
It’s great for giving you peace of mind that important emails have reached their recipient…and also great for catching people out when they claim they “somehow missed your message”. How you use your new powers is up to you…
This week’s news
Our news this week was…us! We’re working together on our biggest project yet, and we’ll be revealing all next week. The suspense!
Mentions this week
We gave yet another shout-out to Homesure this week – a sales and lettings agent in Liverpool who’re big friends of the podcast. If you need any servie related to property in the Merseyside area, call these guys first. And no, they’re not paying us!
Tell us what you thought of the show!
Have you ever bought off-plan? What was your experience like?
If you’ve not considered it, what puts you off?
Let us know in the comments!
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