07/11/2022
Simply put, an off-plan development is a real estate project that is marketed and sold before completion. It usually takes an average of 12 to 24 months.
The obvious benefit to the developer is that they do not have to tie down a bulk of their own funds as capital.
For this reason, many potential buyers and investors have erroneously believed off-plans to be fraudulent or wrought with all sorts of bad omens.
What if we told you that off-plan developments are more advantageous for the buyer/investor?
Will you believe us?
Here are 5 advantages of buying an off-plan development:
1) NEGOTIATION LEVERAGE: An open secret of the real estate industry is that developers are easier to bargain with at the off-plan stage of the development.
2) PAYMENT STRUCTURES: Using the city of Abuja as a yardstick, it is a herculean task to purchase a property without paying outrightly. However, for an off-plan development, you are usually given the option of a convenient schedule for making payment in instalments.
3) PRICE LOCKDOWN: Usually, your down-payment (initial deposit) for an off-plan development cushions you from whatever price hikes occurred in the building materials market. With the current rate of inflation and price surges, keying into an off-plan development is about the smartest thing you can do!
4) FULLY CUSTOMIZABLE: Unlike a fully finished house, an off-plan property can be personalised to taste. Are you one to be particular about the kind of tiles or electrical fittings that come with your house? If yes, then an off-plan development is your best bet.
5) HIGHER RETURNS: In the real estate market, a one-year period can dramatically impact the price of a property, especially in a fast-developing residential district. The difference between the price point when you make your initial deposit and when the property is completed might be enough capital for you to invest in another property!
If you'd like to know more about off-plan developments and how you can get involved in one, please CONTACT US NOW via a phone call, WhatsApp chat or Direct Message.