Benefits,Purchasing,Property,O business, insurance Benefits of Purchasing Property Off-Plan
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Compared to purchasing a property that is physically built and ready to be occupied, reserving at Off-Plan stage allows investors and homebuyers alike the opportunity to secure their desired plot/s at a very early stage.Typically, purchasers view the proposed floor plans, site plan,specification, etc. and reserve a plot on this basis. Some developersmay even allow keen purchasers to reserve before final planningpermission is in place (on the basis that if full planning is notgranted, all reservation fees, deposits, etc. to date are returned infull!).Some may find that purchasing Off-Plan is not for them, as they arenot safe in the knowledge that they are committing themselves topurchase a property that they can not yet physically view. Some mayeven have concerns that the development may not be finished or thatproperty layouts or finishes may change slightly from the originalplans. Buyers usually have greater security reserving an Off-Plan property from a national housebuilder compared to a smaller local developer.However, many thousands of buyers have successfully purchasedproperty Off Plan and has now become their preferred method of propertyacquisition.So, on to the benefits of purchasing property Off-Plan By reserving Off-Plan, investors have the opportunity of reservingtheir preferred plot in a development. The first allocation ofproperties reserved are normally the ones which have the preferredlayouts, views, etc. Basically, either the most desired plots or thebest value for money. If there are any properties remaining for sale towards the end ofthe build period (and I emphasise if as many popular Off-Plandevelopments have sold out in their initial launch), it stands thatthese plots may be less attractive. For a property investor this couldmean that by not reserving Off-Plan, their return on their investmentmay not be maximised. They may be attempting to let a property whichmay not be in the preferred location (for example) in the development.This could also have an effect on ease, speed and price of re-sale. Fora property investor not reserving Off-Plan, profits could be reduced bynot being one of the first to secure the best plot/s. This leads toanother point which attracts many investor Off-Plan reservations Particularly on large developments, developers tend to have plannedprice increases through the build stage. This tends to directly reflectthe increase in buyer confidence through the build process. If you lookat a buyer who has reserved towards the end of the build period at ahigher price, compared to an astute buyer who has reserved Off Plan ata lower price, Ill leave it to you to decide which one you wouldrather be!In a market of increasing property values, purchasing Off Plan is ideal for buyers who wish to have a property on completion which is worth more than they originally reserved at.If you reserve a property at Off-Plan stage, we will assume forindicative purposes that it will be 18 months until that property isphysically completed (There are some opportunities to reserveOff-Plan 5+ years before anticipated completion!).In a market where property values are increasing by 10% per annum,reserving a property at an agreed price of £200,000 Off-Plan would havea value of £231,000 after 18 months! For investors and homebuyersalike, this increase in value would be very attractive. Particularlywhen you consider that you will have no mortgage payments on theproperty until completion.It is likely that investors will have to pay a deposit upon exchangeof contracts and in some cases further stage payments until completion(usually dependent on the length of the build period). By committingthese funds until completion (where deposits are returned by theDeveloper, usually to be used as or towards the buyers mortgagedeposit) there are substantial gains to be made.From this brief introduction to purchasing property Off-Plan the benefits are plain for all to see.Particularly in a market where buyers are confident that propertyvalues will increase, the advantages of buying property Off-Plan canbecome a very attractive proposal.
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