Buying an off-plan property is a big decision and it is something that can be very exciting especially if it is your first time. Whilst it may be tempting to look at the glossy brochures and simply pick the property that looks to be just perfect, there are a number of things you will need to do and consider first.
Here is a list of thing we recommend you do and consider before buying off plan:
Visit the property site and check the location
What do you know about the location? You should aim to know as much as possible about the location of your project as well as the general area. Focus on factors like area demographics and trends, future construction and development, accessibility, proximity to sea and the city, property prices and demand.
Research the market and it’s conditions
Consider the current state of the property market and find out what the experts are predicting about market conditions in the next few years. Learn about any similar off plan or newly completed projects nearby? How do they compare?
Research the developer and know who you are buying from
Picking the right off plan developer is one of the most important aspects of buying off plan. Learn about the developers reputation, time in the market as well as their track history. Visit projects they have done in the past and if possible speak to previous customers and enquire about their experience.
Know exactly what you are buying
Once you have decided which project and developer you wish to buy from you will then have to pick your actual unit. As you will be doing this by looking at brochures and maybe a 3D model at best you will have to be extra careful to ensure you have covered all basis. Take note and consider:
- Apartment size, floor level and layout
- Apartment position and orientation –
- What view you will have and will future construction affect these in any way
- Room sizes, floor height and general flow of the floor plan
What is included in your purchase
Ensure that you are crystal clear and informed on what is covered as part of the purchase price. Knowing exactly what is and isn’t included in the agreed price will ensure you are not hit with any surprises later on.
Review the contract and know what you are in for
Pay close attention to:
- The completion date and what happens if this is not met by the developer.
- What happens if the developer falls into financial problems?
- What guarantees come with the property?
- What exactly are your payment obligations?
- What will be your ongoing costs once the property is handed over?
These are just a handful of factors to consider when buying an off plan property. Whist finding out the answers to these may be a little time consuming it is more then worth it as it will ensure you buy what you actually want and also get what you actually paid for.