If you are looking to purchase a great property investment, look no further than an off plan property for sale. Off plan simply means that the property is brand new, that no one has lived in it before. Developers use the words off plan when they have just developed a complex or building that is brand new. When you buy off plan, you won’t have to pay transfer fees, since you will be the very first owner. So why is buying off plan better than buying an existing property? We look at the two here.
When you buy property, you have a lot of considerations regarding the size, the price, getting furniture and paying all of the fees that come with the purchase. If the house has had a previous owner, there may be extra considerations such as repainting, cleaning carpets and cupboards, fixing up any damage and who knows what else. When you buy off a property development plan though, you don’t have to worry about any of this because the house is brand new.
If you are a buyer or an investor, this is a great idea. If you are buying a flat to rent out to others, this is a great way to cut your initial costs so that you can start making money on your investment sooner. Of course, buying off plan means you won’t have the option of a rent to buy property, so you will have to invest all of your money into purchase immediately. Also, if you can only afford a house to rent and you want to buy off plan, you may have to scrape together some extra money by making a few cutbacks, or you won’t succeed in your endeavour.
Buying off plan has a lot of benefits and some shortfalls, but at the end of the day, choosing to do it or not depends on what you are looking for in a property and what you intend to do with the property. When buying off plan, ensure that you check the finances of the body corporate and ensure that the flat is entirely to your liking, since it will probably be a long time before you change it.