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An off-plan or pre-sale property in real estate terms refer to purchasing apartments or structures before they are completed. Bare lands are marketed and sold in advance to interested property owners before the buildings are constructed. Normally, interested buyers can only see a plan or photos of what the property will look after it has been constructed.
How can one determine the right pre-sale property before they are constructed? In this Q&A, we provide you with some basic tips for selecting the right kind of pre-selling apartment.
Purchasing a property requires time, patience, skill and an eye for details. This is the reason a lot of people seeking to buy property shift the responsibility to real estate agents. This is an indication of how tedious the selection process can be. How does one determine the right kind of property in the construction stages? Are there features or characteristics that need to be searched before paying for the property? These tips will help:
How well do you know the developers whose property you are buying? Do they have a good track record? How many off-plan properties have they developed and sold? These are the questions you need to ask. There are a number of established developers who deal in off-plan properties. Investigate before you make that investment.
As always, the location of the property is very important. Is the area now developing? Is it close to a commercial centre? What about accessibility to transportation? If possible, visit the property site and assess its proximity to transportation lines, like roads and railway lines and map out where your apartment will be. If it is not favourable, seek a more secure position for your apartment.
Insist on looking at the property plan – the dimensions and other details, and remember to take into consideration the purpose for which you are purchasing the property.
How is the property going to be financed? Off-plan properties require you to make downright payment for the property. You need to make some considerations on how you will pay for the rest of the property. Consider your options before you invest in the property.
Ensure you ask for a contract. Study the contract carefully – possibly with a legal practitioner and ask the necessary questions. If there are statements that need to be clarified, ask the developers before you sign the contract.