Buying off plan has its risks and rewards. The main benefit is typically a lower price. Developers usually offer between 10 and 30 per cent lower prices for off-plan and under-construction properties. The closer to completion, the higher the price (typically) becomes.
1. Choose your Estate Agent Smartly: While buying a home there are several tips to choosing a great Real Estate Agent. Initially, you should make sure that your Real Estate Agent for an off-plan property is licensed. Next, you should make sure that you read contracts and documents carefully before signing and enlist the help of an experienced Lawyer. Ask your Lawyer for explanations to ensure you understand –
2. Secure your Financial Freedom: Financial freedom means that you get to make life decisions without being overly stressed about the financial impact because you are prepared. Developers will not be permitted to access the funds until certain agreed stages of construction are completed.
Buying properties next to landmarks have greater potential for capital appreciation.
The rise in a project's capital value will depend solely on the locality. If major projects such as transportation or universities are going to be built in the locality, the property's worth will exponentially increase without fail. So, the investors need to thoroughly check the area's profile before making the purchase.
If you buy in a non-established area, then do not expect good return till the area is established. In other words, the return should increase once the community is established.