What advantages of buying off the plan?

There is a lot of uncertainty and bad press surrounding off-the-plan developments when in fact, there are still many upsides for buyers. 

To get a complete picture of whether or not buying off the plan is a good idea, let’s start by looking at what buying off the plan means.

Like with most things in the property, there is a case for both sides of the coin. To help you decide if buying off the plan is a good idea for you, here we’ll look at the pros and cons.

Learn about buying off-the-plan properties

Purchasing off-the-plan properties is when you sign a contract to buy an apartment that is yet to be built or is under construction. 

Without a physical property to check out, buyers base their decision on plans and artistic renderings of how the apartment might look, in addition to information about the project and developer.

What are the benefits of buying off the plan?

The main advantage of buying off-the-plan properties is that buyers agree upon a selling price before the development is completed and generally only need to offer a small deposit.

In theory, purchasing off-the-plan properties means that customers could pay much less for a property now than it’s worth when they move in, as property prices could increase significantly during the time it takes for the developer to build the home.

It is a reasonably logical assumption, given how property prices generally increase over time. And it’s also not the only advantage to buying off the plan.

Stamp duty discounts

One of the advantages of buying off the plans is that buyers could save a lot of money on stamp duty, as most states offer more significant discounts on newly constructed properties.

If a buyer signs a contract before construction begins, stamp duty will only apply to the land value, not the finished product.

Spend less on maintenance and utility bills in the months and years ahead

Another upside of buying off the plan is that because the apartments are brand new, these properties will be more energy-efficient and in better condition than a lot of older homes, meaning you likely won’t need to shell out as much on repairs and utility bills in the months and years ahead. Purchasing off the plan also gives you more time to get your finances in order, as you’ll generally only need to put down a 10% deposit to secure the contract and can use the extended construction time to save up the outstanding balance.

To learn more about prestigious off-the-plan developments on the market, please contact us for in-depth consultations:

Hotline: 0986 720 720

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