THINGS TO CONSIDER BEFORE RUSHING INTO OFF PLAN PROPERTY

THINGS TO CONSIDER BEFORE RUSHING INTO OFF PLAN PROPERTY

Are you torn between purchasing a property and you are yet to decide which one to choose? Buyers have just the options of buying a ready property or off plan property. With over 20,000 sales of property through off plan strategy as reported by LUXURY PROPERTY INTERNATIONAL LTD, lots of investors are seeing the prospect of having a building through the policy.

There are important things that buyers need to consider before rushing into off plan property

Lots of people get blinded by the rate at which off plan property is selling, and it isn’t a strategy you can rush just run into without the in-depth knowledge of how it works. Here are some of the things investors need to consider strictly.

Know your budget

The very first thing you need to have in mind is your budget. How much are you willing to start with. Although off plan strategy has payment flexibility, you need to start with some amount. The amount you will pay will be determined by you and your developer, and there are many ways in which you can spend the money. You can choose to get loans from the bank to execute the project, but the bottom line is that what you get is determined by the amount you are willing to pay.

What’s your reason for buying?

What another great thing to consider. Why correctly do you choose to opt for off plan property? It isn’t a market one can quickly run to because others are buying the property. It is essential that you consider the reason for purchasing the property before investing in it.

There are several reasons people choose to purchase the property. You can either decide to get a property for commercial use or personal use as a residential apartment. However, off plan strategy is the best and easiest way for those who desire to have their home without breaking the bank or going into bankruptcy.

Do your research

It is an essential thing to do when it comes to off plan strategy of getting a property. Apart from the pitch from your developer, it is imperative that you do some further research about the area and the market value as at the moment. Part of the things to look out for during the investigation is the landmark of the city as that will tell you how demanding apartment will be in the area some years after you finish your building.

Get help

There are hundreds of numbers of people who have become landlord through the off plan strategy, and you wouldn’t be the first. So to have a success story about owning property through the strategy, you need to consult those who are frontiers.

They’ve got a lot of experience, and they can quickly advise you on how to go about it. Ask questions around as it will help you in making the right decision

Know who you are buying from

There are lots of developers out there in the market, some are licensed, and some are not. To know the ones who valid license, you need to make some findings. There are companies you can trust such as LuxuryProperty.com, and if you are the type that loves to deal with agents one on one, you need to request for the portfolio of the agent.

You should ask questions about his/her skill and market strategy, how long he/she has been in the business, the success ratio and customer reviews. All this will help you become more familiar with the person you are dealing with, so you don’t end up running at a loss.

Know the area and what you are buying

Some apartments sell in some areas while some don’t sell. This is why you need to be sure your developer knows much about the area and the market of the place before making any investment. The area determines how profitable the property will be for you. Considering it will take about three years to get it completed, the market value must be favorable so that you get to profit from the building on the off chance that you decide to sell or rent out.

Understand what you are signing

Don’t be too fooled by an agent to endorse that which you have little or no knowledge about. Do ensure that you read everything thing you are told to sign before handling the pen. Ask questions from your developer about that which you are related to sign, and he/she must be willing to reveal all that is needed to know.  And while agreeing with your developer, do ensure you have an exit plan just in case you don’t have the financial capacity to go ahead with the project.

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