Q&A: What is an Off-Plan Property?

What is an Off-plan property

What is an Off-plan property

A pre-sale or off-plan property is a term used to refer to a property or a piece of land before a structure is built on it. These properties are sold by real estate developers before construction begin so that the money they receive for the property is used to finance the housing scheme.

How do I know if an off-plan property is a good investment?

A pre-plan property could be a potentially good investment if they are constructed by trusted developers, who have been in the business for a long period of time. The location of the property is also important in the sense that it determines the value of the property. A property close to the central business district, with an accessible route is a good investment. To ensure the property you are investing in is in a good location, visit it to have a better understanding of the commuting time. Moreover, have a look at the property plan and inspect it with a professional. Ask all your questions before you proceed with any payment.

What are the advantages of purchasing off-plan properties?

Off-plan properties are relatively cheaper than completed properties. The prices are reduced to attract investors. Moreover, in some projects, you can have a say in the plan of your future house, so it is a good way to have a cheaper customized flat.

Are there risks involved when purchasing off-plan properties?

Yes. There are a number of risks involved when purchasing off-plan properties. These are:

  1. The value of the property can decrease before the completion of the project. One cannot predict exactly how the real estate market will evolve, and if the prices drop during construction, then your investment is less likely to be profitable.
  2. There could be increases in the prices of materials even during the construction process, which means the developer may ask you for extra money.
  3. The real estate developer could go out of business – some developers are unable to complete the projects as planned. They abandon the projects or are not able to complete the property on time.
  4. The complete property may not meet buyers’ expectations. Indeed, the property may not look the same as what was on the plan.

 

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