Off-plan apartments are properties that are sold before they are constructed or completed. This approach to purchasing real estate offers buyers the opportunity to invest in a property that may appreciate in value before it is even built. While buying off plan apartments for sale in Furjan can be an exciting prospect, it is essential to understand how the process works and the advantages and risks involved.
Understanding off-plan properties:
When you buy an off-plan apartment, you are essentially purchasing a promise. Developers market these properties based on architectural plans, models, and specifications. Buyers often sign a contract that outlines the details of the purchase, including the design, features, and estimated completion date. Because these apartments are not yet built, buyers usually have the opportunity to choose finishes, layouts, and other aspects that suit their preferences.
How off-plan purchases work:
The process of purchasing an off-plan apartment generally follows these steps:
- Deposit payment: Upon signing the contract, buyers typically pay a deposit, which can range from 5% to 30% of the purchase price. This deposit secures the property and signifies the buyer’s commitment.
- Payment schedule: Following the deposit, buyers make additional payments at specified stages of construction. This payment schedule is usually outlined in the contract and may include payments at milestones such as when the structure reaches a certain height or when the apartment is ready for final inspection.
- Completion: Once construction is completed, the developer notifies buyers to complete the purchase by making the final payment. Buyers then receive ownership of the apartment and can move in or rent it out.
Advantages of off-plan apartments:
Investing in off-plan apartments comes with several benefits:
- Lower prices: Buyers often purchase at lower prices compared to completed properties, allowing for appreciation in value as the market grows.
- Payment flexibility: Off-plan purchases typically involve staged payments, making it easier for buyers to manage their finances.
Risks to consider:
Despite the advantages, there are risks associated with buying off-plan:
- Construction delays: Projects may experience delays, causing frustration for buyers who are eager to move in.
- Market changes: Property values may fluctuate during the construction period, possibly affecting the investment’s value upon completion.
