Buying off plan

 Why buy off plan?

Buying off plan means purchasing a property that is still on the architect’s drawings as opposed to one that is completed. Usually a builder or developer will have a brochure with the drawings and 3dimensional representations of the building or buildings, including floor plans, exteriors, grounds, etc. Building permits have been issued in these cases, but the actual construction has either not started or is still underway.

As it turns out, due to the nature of the construction business, buying off plan is a cost effective way of purchasing a property. Developers are interested in turning their capital around as quickly as possible before costs of materials go up. They want to sell as soon as possible, realize their profit, and go on to the next project. Selling off plan assures them the financing to do this.

The nature of this process can present some serious advantages for the buyer, especially if the property is purchased as an investment:

  • The purchase price is usually lower than the effective market price
  • Payment for the purchase is done in installments -usually coinciding with the stages of construction- allowing you to otherwise use your funds during this period
  • All the leg work involved in construction is done by someone else, saving you time and money
  • Bulk buying of materials lowers the cost of the construction and this cost is passed on to you
  • You can sell the property during any stage of the construction
  • In most cases, the value of the property has appreciated impressively up by the time it is completed. If the property is part of a large development or complex, it will appreciate in value even more by the time the entire development is delivered. In this case, your investment will be of higher value, especially if you purchased the property during the first phase.
  • Any customizations to the property are easier to incorporate into the construction phase and as result, less expensive
  • Depending on the payment terms, you may not have to get a mortgage in order to finance the purchase, as installments are spread over a time period
  • Developers incorporate facilities and give warranties that lower maintenance costs in the long run
  • Investment portfolio diversification.
  • Excellent choice of off plan properties available

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