Buying off plan gives you the opportunity to choose your own floor plan from a variety of options. You can choose from a host of features and upgrades, ensuring that when you move into your new condo it is exactly what you wanted, finished to meet your unique specifications to give you a home you can be proud of and enjoy for years to come. I like it.
One of the first things you’ll notice when buying any off-plan condo is that you’ll be able to enjoy a discounted price. Once the units are completed, the sale price of the condo usually increases as a result. Arriving early will help you get the best prices, but at the same time, the sooner you commit to buying, the more likely you are to buy completely off plan before the foundation is set.
Another reason you may want to consider selling off-plan condos is that it secures ownership of your condo, but you can enjoy a long-term deal, giving you some much-needed breathing space when making such a large investment. Payment is normally only made once the project is completed and the transfer is made, this is just before you move into your new home and start enjoying your future.
Be sure to do your research on the developer, the architect, the builders, and the engineers. Make sure the resort you’re looking at is being built by the best local construction companies and managed by the best developers, so you can buy with complete confidence.
Location is essential when analyzing off-plan condo sales. You want to try and choose an area that is considered prestigious, an area where you know you will get a good return on your investment in the future. Remember that when looking in good areas, you’ll pay considerably more for a single-family home than for an off-plan condo. Once the condo is completed, it is worth more, which means you have a good investment in a good area that you can enjoy.
There are certain very important factors to keep in mind when it comes to the contract you sign. Read each line carefully, make sure you understand the contract, and have your attorney review it and help you with the sections you don’t understand.
The first thing to look for in the contract is if there is a “Reflection” clause. These days, all contracts must contain this clause when buying off plan. This clause gives you a set period of time in which you can cancel the contract if you change your mind for any reason. Review the contract carefully to make sure you are offered a cooling-off period to cool down.
Next, you want to make sure that all the details of the plans you have chosen are spelled out and added to the contract. This way, in the event that when your drive is complete, something is missing or not what you thought, you can correct it. This clause ensures that you know what you are paying for and also ensures that the contractor completes your particular condo to your unique specifications.
Find out about the deposit clause, guarantees, inclusions, defects and completion dates.
