What is off-plan property? What it takes to buy a property off-plan?

Untitled

An off-plan property refers to the assets foundation of which is still in the process. To put it simply, it is assets that isn’t yet in existence. As self-explanatory as it may sound, such property contains risk factor. So, the risk-cautious buyers may not be willing to venture money in such sort of property investment. But reality of off-plan property is wrongly interpreted or conjured up so due to lack of understanding of people.

As a matter of fact, there is no definite ground laying claims that off-plan property yielded loss to the investors or buyers. There are examples testifying that many buyers and investors experienced lucrative deals from such property options.

What is off-plan property?

As outlined, an off-line property refers to a property or a real estate project whose foundation or structure is not laid. That said, such property doesn’t yet exist in its physical appearance, or the assets that exists but on paper. It is also known as pre-constructed property. Real estate developers employ hard-hitting advertising method to promote these properties for target customers.

Is off-plan property risky?

The risk factors definitely portray sense of apprehension among buyers. Yet, a buying approach incorporating careful planning, research and sizable degree of forethought can otherwise churn out safe and lucrative deal. To venture into top-notch and trusted brand is a recommended advice to opt for; as such approach yield safe and secure deal in addition to healthy returns.

A market as vast and rapidly expanding as residential property, capital appreciation is a normal occurrence. This is practically in relation with market’s typical tendency: increasing demand signifies improved sentiments or vice versa. Factually, the market in residential segments often delivers the semblance of growth, even if it seems to be fallen in nearly abysmal downturn. This in further definition of realty market’s bona-fide status reveals market’s investment viability for buyers or investors. Off-plan properties, to this context, pose to be viable options for buyers and investors for their availability at considerably lower prices and affordability against ready-to-move-in options.

As frequently observed, companies with huge investment verticals are usually at the receiving end of golden opportunity as pre-launched units. They purchase such units on a discounted rate, while individual investors receive the leftover ‘post-launched’ units at a price not comparatively at par with the pre-launched ones. Most agents curate their data reservoir to handpick some serious investors to offer them a myriad of pre-launch units on attractive schemes, in anticipation of convincing the buyers into purchasing the off-plan projects. Such units are pre-designed in conjugation with buyers’ central needs; encase all requisite specifications to help buyers assess quality of the units from the perspective of healthy investment returns.

Off-plan properties: The benefits

Comfortably affordable: off-line properties endow one of the striking features – they are comfortably affordable. Thus, these properties put easily sufferable load on your readymade budget. Therefore, buyers with constrained budget favor off-plan property as a viable option. The slackened price of pre-launched properties is the result of their non-existence.

To say in other words, since these properties are not physically available, they don’t encounter comparative market analysis, as mostly happens with properties with their physical presence in market. Another reason says off-plan properties bear reduced price to ensure they are effectively promoted to widespread targeted buyers. To put simply, off-plan properties are comparatively more affordable than readymade flats.

Saving you on repair cost: a newly launched apartment barely requires maintenance and repair, hence saving you from incurring maintenance and repair cost in the first place.

State-of-the-art creation: luxury off-plan properties are usually outfitted with sophisticated and state of the art equipment and power-efficient appliances compared to readymade units offering old-fashioned facilities. That said, already-built apartments are not likely to have the most futuristic facilities, but off-plan projects will most probably dish out delectable facilities to your heart’s content.

Multi-choices: buying an off-plan property means to enjoy the privilege of multi-choices, say you can purchase an apartment based on your individual preference like quant surrounding, nearest landmarks etc. Also, early purchase brings in various salient features like stamp duty rebate, higher rentals etc.

How to pick up an off-plan property

Do your homework: a thoroughly done homework encompassing analysis of location, adjacent areas, development and demand status of an off-plan project will help you greatly. A thoughtless or impulsively bought property of such nature will eventually put in a financially vulnerable position. Exercise caution.

Status of property: every detail about the property including its specification and dimensions must be studied carefully. Is it good for your commercial purpose (tenancy)? Are there any extra charges like service or maintenance charges with the project? Know these key things beforehand.

Mind location: I know you may have heard of this suggestion so many times, but still it is all about location that matters. It is one of the most intelligent and decisive factors evaluating value of an off-line property. Is location safe? What about transports, malls, shops, schools, hospitals and parks in proximity?

Reputation of builder: no matter how attractive the scheme or freebies, no property can give you best result for your heard earned money if you fail to consider reputation of a builder. Even a branded real estate company holds aura of something you will take instant dislike of. Be familiar with builder’s reputation I market.

Buying an off-plan property is entirely a personal choice. It may sound risky or fruitful for your investment. However, this sort of property option is not bad considering the privilege of affordability and choices you get. On the other hand, you enjoy the benefit of having a property with top of the line creation and state of the art facilities. What you need essentially is to do a thorough homework, study builder’s reputation and figure out location and your budget beforehand. At the end of the day, you will feel at the receiving end of profitable deal. Off-plan property is a good choice if made cautiously.

Loading

Login to Your Account

Forgot Password?

New to Myrealestate.in?