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