Why you should consider buying off-plan

When it comes to purchasing a property, it is quite literally a big deal. Buying a property is one of the biggest investments you will ever make and so it is important to know all the information possible in order to make an informed decision.

Many people opt to buy property off-plan and it is becoming a very popular choice. In this article we will run through all the ins and outs of buying off-plan and why it is beneficial for you. So let's start with what it means to buy off-plan.

Off-plan property is a piece of property that exists before a structure has been constructed upon it and is still in the development stage. Pre-constructions are usually marketed to real estate developers and to early adopters as developments so that the purchaser can secure more favourable finance terms from their lenders.

Property developers are keen to maximize off-plan sales as an aid to financing a project. Buying off-plan helps developers to finance their projects as having pre-approved sales allows them to obtain the necessary funding for construction. 

Less risk and more reward with buying off-plan

Just the same with everything in life, there will be a couple of risks taken when purchasing off-plan. You may have to wait a few years for development to complete, making it a few years before a buy-to-let property can begin generating income to cover the price you paid for it. 

There is a possibility that the developer might go bust during the construction, in which case you'll have to hope that the liquidator can pass the contract over to another developer.

You can't see the finished product and are dependent on the developer to deliver according to plan. So you will only be able to get an idea of what the final product will look like through the plans and blueprints. Buying something without seeing it may seem counter-intuitive, but when it comes to property, it can actually provide a number of benefits.

Buying property off-plan and its benefits

There are a number of reasons why buying off-plan is beneficial to the purchaser. 

• You get a property that has never been occupied
• A brand new property is appealing to potential tenants if you want to rent it out
• You don't pay transfer duty on newly built properties
• You are covered by the Consumer Protection Act, which will provide legal options if the building does not go according to plan
• You pay less for the property as it is still in the development stages
• The property will then increase in value as construction progresses
• If you purchase an off-plan property in a sectional title estate, you only start paying once the entire section is complete

Although buying off-plan is not for the faint-hearted, once you have ascertained that you are working with a reliable team of builders and developers, it can bring you excellent results. Futuredev Properties offer developments with high-end finishes and exceptional service. All of our developments are planned with careful attention to every detail and the client's needs in mind.

If you're looking for a full-title, freestanding cluster home in the most sought-after residential suburbs, a stone's throw away from Africa's richest square mile and largest business district and close to all major corporates; yet nestled by beautiful, picturesque greenery and nature, then Futuredev Properties has exactly what you're looking for.