Everything You Need to Know About Buying Off-Plan Property

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off-plan property

It’s no secret that the housing market is booming and driving up many prices. While there are options of renting, buying or investing in property, many haven’t considered buying off-plan property.

Buying off-plan means that you’re buying property before the house is built. This typically comes with plans from the builder on what the house will look like and give you an idea of what you’re going to get.

There are many pros and cons to this, so let’s look at them all to help you make the right decision for yourself.

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Property Prices

In a seller’s market, the prices can often be driven up to record highs. For the buyer, this is often difficult and tricky to navigate.

Many would rather hold off on buying to wait for a better price. Considering buying off-plan property can be the key to getting those lower prices that you’re looking for.

Since the property isn’t built yet, the prices are often much more affordable than they are with houses that are ready to go as soon as the owner moves out.

If you don’t mind waiting a bit for your house to be built, off-plan is often the perfect choice.

Lots of Choices

One of the greatest things about buying off-plan property is that you can often get the first choice in many aspects. You can choose the lot where you’d like your home to be. Alternatively, if there will be units, you can often choose that as well.

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Another desirable feature is that since the home isn’t built yet, builders will often let you have your say on some aspects of the design as well. If you’ve always wanted marble countertops, this is your chance to choose them!

While you may not get control over absolutely everything, you can often ask for certain design elements so that you truly get a home that you love. If you want an idea of what you can buy, have a look here.

Delays

One of the downsides to consider about buying off-plan property is that there can e delays associated with it. If you need a house to move into as soon as possible, this is not the right route to go. These homes have not been built yet, so they are not move-in ready.

You may consider renting a place until it’s ready, however.

But another thing to consider is that there can always be delays in building as well. If there’s a shortage of materials or a feature that you want needs to be sourced, it can delay the time that your home will be ready. It’s important to consider.

Off-Plan Property Can Be a Worthy Investment

For those in the market for a new home, the off-plan property allows for a lot of flexibility and makes a great option. It can also allow you to save a little bit of money while getting some choice in the design of your home.

It’s worth your while to speak with the property developers to see how you feel about it.

If you learned something about real estate in this article, please read more!

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