Off-plan Property: Things To Consider
If you’re new to real estate investment or simply not keeping up with the industry trends and development, from time to time, then the term “off-plan” will sound new to you.
Off-plan property means a structure that is still under construction. Either on the verge of taking off or already being built but yet to be completed. In Nigeria, it is gradually becoming a part of our mode of acquiring a property to buy off-plan property. Due to a lot of factors, investors now welcome the idea of buying property off-plan. We cannot overlook the consequences and advantages of this new development and we must take into consideration some of the important things to look out for when planning to buy an off-plan property.
The developer will present the blueprints and artistic impressions of the proposed development and this will go a long way in influencing the investor on their decision-making process. Some of the key things you need to consider as an investor includes:
- Developer’s authenticity: the first thing first, as an investor, you must investigate the authenticity of the developer. Any track records of the previous project? Any previous off-plan sales in the past? Quality of the development they’ve built, are the buyers satisfied with what they got? if possible, visit the previous developments and ask the unit owners. Did they default in their promises or did they meet up with all proposed plans?
- Financial benefits: most times, off-plan property leaves the investor at the receiving end. You should take advantage of such an opportunity especially when the development is at a prime location. Then you’ll stand the chance of having a good ROI. Most houses also are given out at considerably good prices, below market value compared to the price when completed, the market value rises. You can also secure a unit at 10%-20% of the selling price. You stand the chance of choosing your preferred unit if you’re an early bird.
- Payment Plan: the payment plan should be designed in such a way that it lasts up to the final days of project completion. Make sure you involve your legal advisor before you sign any contract. All spread-out amounts should be marked with their respective due dates.
- Accountability /transparency: the developer should always provide regular updates on how the project is being executed. They should carry you, the investor, along all the way. There are times they might encounter some difficulty due to inflation in the prices of the materials and seems the project is being drawn back. All of these and the progress report should be communicated to you.
In all, we at https://www.instagram.com/wren_regent/ give the best advice when it comes to purchasing off-plan properties, we have successfully marketed some off-plan property projects in the past and present. We have a record of successful execution and feedbacks. We are reliable and authentic. You should contact us to discuss your investment options.