OFF THE PLAN
Off the Plan
Being a “Off the Plan” buyer of a home or property simply means that the buyer is buying a house or apartment before it is built. These new construction purchasers engage into a contract of assurance to acquire a home or unit based on an architectural drawing or the developer’s plans for building rather than purchasing an existing house. This is extremely typical in neighbourhoods and freshly constructed homes when a developer has been given permission to build a new housing complex on undeveloped property. This is also typical for people purchasing real estate as investments and for private individuals purchasing apartments in new or renovated buildings. the
A conventional house buyer learning about investing in “Off the Plan” properties may find the idea a little strange, unsettling, and contentious. Learning how to be safeguarded during the transaction process is the most crucial information for buyers of these kinds of real estate investments. This means that the purchaser must devise mechanisms of ensuring that the apartment or house being purchased is finished as promised and in a timely manner. We help you through the whole off-the-plan transaction until the settlement date.
Benifits of Off the Plan project
The pre-construction or early construction sales price is one of the main benefits of this kind of real estate investment. Buyers who decide to commit early to buying a unit or home in a “Off the Plan” project typically benefit from receiving a discount on their new home or unit. Individual purchasers and investors purchasing a unit in a conversion project or multi-unit project at the start of the building phase are frequently granted these discounted sales pricing.
The first few units of a bigger project may be sold at a discount by the builder or developer in order to get some commitments from potential purchasers before the banks extend any of the financings. This enables them to have sufficient purchasers to support the release of more development financing from the bank. Early-stage purchasers of new building units may experience a significant increase in profitability.
Some purchasers of a “Off the Plan” home or unit may see a net increase in value that is equal to thousands of dollars when compared to the selling price of units or homes being sold at the conclusion of a project, depending on the cost of the unit or home. The facilities and size of apartments sold at the beginning of a project compared to those sold at the conclusion are often equal, thus the increasing advantages are obvious.