The concept of buying property off plan has proven very popular over the years and has seen both homebuyers and investors benefit from this type of purchase. It has also allowed developers to secure “early bird” sales which can help dictate a higher purchase price closer to completion along with stage payments in the build process , assisting with cash flow throughout the build.
Investor Benefits Of Buying Off Plan Property
Many investors see purchasing off plan , as a way to achieve a discount before the property is even built. In theory they are securing property prices, with the view, that the value of the investment will grow by the time completion occurs.
When buying property off plan , investors can benefit from stage payments. This means purchasers do not require to have all their funds available at one time. Usually the developer will require an initial deposit ( 10% – 40% ) and the rest on completion. This can also give buyers time to arrange their finance in advance.
Some investors will even look to sell on their properties prior to completion if the values have gone up and take the profit from the increase. However, this can be a risky strategy and will be dependent on market conditions.
Securing the best units
By getting involved at this early stage , investors have the opportunity of securing the best units (view, size, aspect). In some cases the developer will even allow you to choose your preferred flooring, fittings and furniture pack , so you have more of a say in the finished product.
Easy to manage and maintain
Generally new build property is easier to maintain. You will not have to spend more on refurbishments and can start producing income from day one. Also most new build developments are covered by a 10 year NHBC guarantee , so if there are any build defects , they are covered under warranty for up to 10 years.
For more information about our new and upcoming off plan property deals , please contact Mayweather Estates today on 0161 212 7414 or email us on email@example.com