If you are considering buying an apartment, then you should consider off-the-plan apartment buying. Off-the-plan property buying refers to an arrangement where one buys property during its construction phase. Buyers are given discounts as an incentive to purchase the property. On the other hand, developers increase their working capital. Below is a short guide to off-the-plan apartment buying.
When should you buy the property?
You can buy the property at various stages of construction. However, if you are in a hurry to enjoy your new apartment, choose a project that is close to completion. Some people buy apartments during low seasons when houses are cheap. Once the project is complete, they make huge profits by selling during peak seasons.
What are the benefits of off-the-plan apartment buying?
Apart from the fact that you will buy the apartment at a lower price than the market value, you can also ask the developer to customise the house to your preference. For instance, you may need an extra shower, a specific colour coating, or a particular kitchen design. Another advantage of off-plan apartments is that you can sell the property before completion and still make a profit. Off-plan buying allows for flexible payments. Some developers ask for a deposit (after which you make small instalments until the project is complete). In such a way, you can easily buy the property in cash.
Exercise caution when buying off-the-plan apartments.
Take the following measures to ensure you get a good deal on the apartment.
- Choose a prime property. It could be located in a lavish neighbourhood, close to a beach or close to amenities such as malls, hospitals, major roads or banks. Such properties are easy to sell.
- Do some research into the property prices in the area. The apartment you buy must be considerably cheaper than finished apartments. Do not be too shy to ask for discounts.
- Physically visit the site and ensure that you are satisfied with the property you intend to buy.
- The developer selling off-plan apartments must be reputable. In such a way, you are confident that he or she will complete the project.
- Involve your lawyer. Your lawyer will explain the terms of the contract and even help you secure a mortgage from your bank.
Off-the-plan apartment buying ensures that you purchase an apartment at a lower price. It is critical to engage property experts and lawyers when buying off-plan property to ensure you understand the terms of the contract.Share