Buying off-the-plan mainly involves buying or reserving a property before it is constructed, and is in its planning stages, consulting merely its blueprints. While this may be difficult, especially for someone unfamiliar with studying plans, as most prospective homebuyers might be, it can be beneficial in many respects, some of which we have examined here:
- 1.Cheaper: Properties that go on sale earlier are usually cheaper than what the apartment or house would cost once it is fully constructed and furnished. This is because developers need fast early sales. Once the financial requirements are covered, apartment prices are immediately spiked up and often continue rising.
- 2. It could translate into an equity plan for the future: With an off-the-plan purchase, you can lock in the ownership of the property, without the added pressure of having to settle for a long period. If you buy off-the-plan, it will at least be a couple of years before the property is fit to be inhabited, and the value of your initial deposit could rise considerably in the period. Of course, the opposite could also happen, which makes it all the more important to be sure of several aspects, such as the area, and so on.
- 3. You will have a considerable amount of time to decide upon the course of action with your investment, and move house if you plan to occupy the property yourself.
- 4. Governments also provide incentives to new properties, as a means of stimulating the economy through the construction of new buildings.
- 5. Most importantly, buying off-the-plan means that you have the time and opportunity to choose from a myriad of properties and houses, and pick one that is best suited to your needs and purposes.