Advantages of buying off-plan properties
Off- Plan property can be purchased below market value. The developers usually offer a discount to make up for the risk of buying something that hasn’t been built yet and the inconvenience of not moving in right away or taking possession.
The buyer benefits from off-plan properties and the developer because they usually have sales confirmed early, even before the completion of the project (property). It’s a win-win situation.
For the landowner or developer, it allows developing the property with fewer financial constraints due to the certainty of availability of cash for the project based on the agreed payment plan with buyers. Typically, once the buyer deposits 10-20% of the agreed payment, even if the developer was having issues with cash flow to complete the house, that will be sorted, and with the remaining part for the purchase payment completed by the buyer, the development of the house will be stress-free for the developer in terms of finance.
In addition, buying off-plan may be the only way to get a property with a specific location or set of features, as the choice may be limited once construction starts or finishes. You potentially have your input into things and determine the quality of fittings and fixtures of their properties, such as interior design, kitchen finishing, and tiles. Investing in off-pan property gives an investor early-bird access to an in-demand area.
4. Since off-plan properties are new or refurbished builds. This guarantees a modern form that benefits from modern features such as innovative home technology, environmentally-friendly specifications, and other requirements that new figures have to apply to. This generally leads to potentially higher rental prices.