The off-plan property is purchasing a property during the construction depending on the final 3D visualization. Pre-constructions are usually marketed to real estate developers as developments so that the purchaser can secure more favorable financial terms. So usually developers offer a discount to make up for the risk of buying something that hasn’t been built yet! So generally, the investor will need to pay 5% from the price before the constrictions completed.
In the housing market and rapidly growing real estate economies, off-plan purchase enables investors to:
Cheaper Investment, Better Returns
Since you don’t have to make the complete payment at once, there is a reduced burden on your finances and the price of off-plan properties is usually lower.
Leasing to own
Buying off-plan property gives you the privilege of leasing to own your property after handing over, yet again less interest on your remaining due balance and a longer period of paying than in cash method.
Below Market Rates
Off-plan investments allow you to make better gains on the value of your property.
One of the benefits of buying off-plan property is the investors can pick and choose the best units they need for their work.
Select Specifications & Units
On the off-plan property, you can select your preferred unit. If you’re comfortable with the location and developer, you usually have the choice of a specific location, features and much more.
Of course, Off-Plan properties are new builds. This guarantees a contemporary build that benefits from modern features such as energy efficiency that new builds have to apply to. This generally leads to cheaper bills for tenants.
Buying off-plan property isn’t right for everyone all the time, it depends on the type of property you’re targeting.
But you shouldn’t have to count it as “too risky”. Yes, there are risks – and those risks can never be eliminated, but they can be controlled. If the advantages of getting a discount and better specifications, you should take a step for it.