The benefits of buying off-plan
Category News
Although newer doesn't always mean better, in the case of buying off-plan it often does. Other than the obvious benefit of buying a brand-new home that has never been lived in, off-plan property can make an excellent investment and is often less expensive to purchase.
"The irony of off-plan properties is that many buyers are hesitant to purchase something that is not yet tangible, but that as soon as there is something tangible, such as a show house, the benefits of buying early have all but disappeared," says Andre van der Merwe, property development specialist at Chas Everitt. "That's why off-plan properties require a specific kind of buyer who knows that with a little bit of risk comes great reward."
Buying off-plan explained
Buying off-plan means that you are purchasing a home after viewing only an architect's plan and an artist's impression of what the home will look like. When you buy off-plan you are purchasing a property that has not yet been completed and that is usually situated in a secure complex or gated estate
What are the benefits of buying off-plan?
Affordability
Because of the relative risk associated with buying off-plan, developers often price these properties very competitively, making them more affordable than buying an existing or pre-owned property. Moreover, buyers can expect a lower deposit, delayed bond repayments and no transfer costs.
Modern fixtures
Apart from just emanating that 'brand new' feeling, an off-plan home is likely to be designed in line with the latest design trends and be fitted with modern fixtures and finishes. Not only does this suggest a higher resale value, it also means that the property will last well.
The pronounced shift towards green living and reducing reliance on government-supplied electricity is also being accommodated in many new developments, with most no offering offer energy-saving appliances and alternative power sources.
Security and capital value growth
In general, homes in secure new developments have a higher value than pre-owned traditional homes. This is another great motivation for purchasing an off-plan property in a development. Most gated estates also have strict architectural guidelines which are implemented to maintain uniformity and protect and preserve home values in the development.
What are the benefits of buying early?
Buying early is the best move when purchasing in a new development, because the risk factor is at its highest when construction has not yet started and therefore, the developers offer the lowest prices at this stage. From then on, the purchase prices will only increase.
In addition to this, first buyers have the widest selection of property locations and units, meaning they can choose the homes with the best locations. This will later translate into more value when selling or renting out the property.
Purchasing a property off-plan is a big decision that requires a fair amount of vision and a lot of trust in the developers. But with experts like the Chas Everitt team on your side, you can rest assured that you will receive the best possible advice and guidance so that you can make an informed decision and the best move for you and your family. Contact Andre van der Merwe or an experienced Chas Everitt agent today.
Author: Chas Everitt