10 Tips To Buy Off Plan Properties

  • What is off plan property?
As you have been planning to invest in off plan property, let us first figure out what an off-plan property is. Well, unlike fully constructed and ready buildings, an off-plan property is one that will be constructed in the future. So, if you are investing in off plan properties, you hopefully know that it does not exist now but it will be there sometime in the future.

Since you cannot visit there and assess its quality, it is indeed hard to make a decision.

To help you get out of this confusion and lack of decision-making, I have gathered some important points here.
  • Know location
It is the most critical factor to determine the potential of your property. Does the building necessary space or structure in place? On top of that, you need to check out whether or not there are community amenities available such as schools, hospitals and parks. Transport links are of paramount importance when it comes to buying off plan properties.
  • Know your market
If you are investing in off-plan house or apartment for investment, then you need to know about the market in that locality.

I think that talking to local real estate agencies will greatly help you to make an informed decision.

However, if you are looking to live in that property after it is complete, look for factors discussed above.
  • Contact an independent property consultant
It is true to say that independent property consultants are cheaper as compared to agencies. But sometimes it is hard to trust an individual. Therefore, find out the best and credible property dealers in that area.

Or if you know any consultant, it will be an added advantage.
  • Reputation of the builder
This is very critical thing to consider. No doubt, many builders and developers have sprung over like mushrooms after the rain.
You already know many credible property developers, don’t you?
Well, do a good research and know about your property builder before making your first payment. Nobody wants to waste their money in a wrong project. So, talk to your friends and experts about your investment.
  • Facilities and size of the building
Ask builder about facilities and the size of the project. It is up to you as to what types of amenities you are looking for. Moreover, some people do not want to live in a large community so you should ask the builder as to how many houses or apartments it is comprised of.
  • Think about its future gentry
Although this is hard to determine when the building is not ready yet, you can judge its future gentry by the price of building. So, if you want to live with the elite, then you should obviously need to find out projects that are designed for the elite.
  • Is mortgage available?
If you are looking to mortgage your off plan properties, you should ask the builder whether or not it is up for mortgage. If it can be mortgaged, it may be a lucrative deal for you.
  • Expected date of completion
This is where the shoe pinches. Ask the expected date or year by which the project will be ready for residents. It will give you the ideas as to how you can either resell or move in it. On top of that, it will also allow you to manage your budget.
  • How to buy off plan property?
It depends either on your finances or ability to mortgage the property. So, you should calculate your finances and contact builders and banks as well for any possibility of mortgage.
  • When to buy?
Although it is difficult to judge as to when it is the right time to invest in the real estate properties, you can keep in touch with trends through real estate news. But, the ideal way to keep your abreast with the latest developments in the industry is to befriend the real estate agents.
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