Buying a home is a significant step, often the largest transaction you’ll make. Many first-time buyers are buying properties ‘off the plans’ in new developments. This can secure a modern, energy-efficient home, potentially with the support of Government incentives. There are a few things worth knowing in advance.

It’s natural to feel the excitement and nerves that come with buying a new home, but what can you expect?

What ‘buying off the plans’ means

When you buy off the plans, you’re buying a home that has yet to be built. Instead of walking through the finished property, you rely on drawings, brochures and, sometimes, a showhouse to make your decision.

You can secure a property early in a new development and sometimes even have a say in finishes, such as flooring or kitchen layouts. The challenge is that you are committing before the home is complete, so clarity on the contract and good professional advice are essential.

Key stages in the process

Getting ready – when considering buying a property in this manner, it’s important to prepare well in advance and consider your budget and any supports that may be available, such as the ‘Help to Buy’ scheme.

Booking deposit – once you find a property, the first step is to pay a booking deposit to the estate agent to hold the property while contracts are drawn up. This deposit is refundable until contracts are signed.

Contract review – your solicitor will ensure that the contract sets out what is included in the build, how long the builder has to finish, and what happens if delays occur. If a management company is involved, its structure and service charges are also considered. The timelines for returning contracts are usually tight and, to encourage prompt exchange, builders may offer incentives, such as white goods.

Mortgage approval – if you’re taking out a mortgage, be mindful of timing and conditions. Approvals expire – your solicitor and lender will guide you on keeping everything up to date.

Snag list and completion – before closing, you should conduct a snag-list inspection. A snag inspection is your opportunity to find any issues to be fixed – from small cosmetic details to more significant problems – before you pay the balance.

You should use a suitably qualified surveyor for this inspection and have them prepared well in advance. The period available for this inspection will be short.

Once the property is complete and the balance paid, you will receive your keys.

What to watch out for

• Delays – building works can overrun. Know your rights and be prepared.
• Mortgage – be mindful of key dates and conditions, particularly life assurance.
• Costs beyond the price – remember to budget for stamp duty, legal fees, and service charges.

Top tips for buyers

• Get your budget and supports ready,
• Get the mortgage approved, and monitor approval dates and conditions,
• Check that the specifications on the contract match the brochure,
• Conduct a snag inspection using a suitably qualified person,
• Include stamp duty, service charges, and other costs in your budget at the start.

A practical word of advice

It’s natural to feel nervous about buying something you cannot yet ‘see and touch’, but with the proper support, it can be a smooth and rewarding process. A ‘new build’ offers the chance to be the first to live in a house designed for modern living.

With straightforward advice and a careful review of the contract, buying off the plans can be a smooth path to a brand-new home, and the beginning of many happy years ahead.

Keith McConnell is a partner in Gore & Grimes Solicitors LLP and serves as Chairperson of the Law Society’s Conveyancing Committee.

Website: www.goregrimes.ie

Disclaimer: Please note that this article is for general information purposes only and does not purport to be legal advice. While every care has been taken in its production, no legal responsibility or liability is accepted, warranted or implied by the author, publishers or the Law Society of Ireland in respect of any errors, omissions or misstatement. Readers are advised to seek independent professional legal advice before buying/selling a property.