Advantages of buying property off plan
Aug 4th, 2008 | By admin | Category: property adviceWhen you buy a property off plan you are basically buying the property before it has been finished. They are often an attractive option for first time buyers who want to buy a home in a city centre; this is because they are normally very competitive in price.
If you are looking for a house off plan you should take a look in local press, developers are always advertising property that has yet to be finished. You can also check out well known developers’ web sites and see if they are going to be building homes in your area of choice.
Once you have found a property development that looks promising, arrange a meeting with the developers and evaluate their designs. Ask about previous projects to gauge the quality of their builds. Whilst you are there make a list of all the fixtures and fittings to make sure you have everything you need.
Advantages of buying off plan
By buying a property off plan it allows you to have some control over the layout and the decoration. You can to some extent choose where you want certain fixtures and fittings. You can often choose the type of flooring you would like in your new home, and if the kitchen has not been built yet you can sometimes choose the kind of worktops you like.
A developer will generally ask for a reservation fee once you have picked your apartment. This can be beneficial because it enables them to prove to their investors that they have sold a certain amount of units and free up more cash. This means you can usually obtain a better deal on your property.
Developers can often obtain new trendy fixtures and fittings such as kitchens and bathroom suites; this means by buying off plan you can get the latest designs and obtain a certain amount of wow factor, which in turn can improve the value of your property.
New developments often spring up in up and coming areas, which means in a good market you can sometimes make money on your property before you move in. However there is a flip side, in a downturn you still have to buy the property at the original price even if house prices fall.
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