Buying off-plan means purchasing property before it has been built. While it may seem risky, buying off-plan has several benefits. The benefits of buying early in development include securing the best plot, as well as locking in a price that is usually below the market price.
When purchasing an off-plan property, there are a few steps you need to consider.
- Identify a property development in the area where you intend to live. Our sales team can assist you if you are looking to buy in Limassol or the surrounding area.
- Pay your reservation deposit, which will be deducted from your contract exchange deposit.
- Hire a lawyer. Your lawyer will go through the same legal steps as you would when buying a house, including conducting local searches and reviewing the contract. Locating the ideal residence for your family
Finding the right home for your family is not an easy job, awhile you search for the right home we make sure you’re your needs are covered. Our experienced partners provide our clients with advice on all aspects related to Real Estate Law.
- Get a mortgage. Unless you’re buying outright, you’ll need to get a mortgage. It is important to know how long your mortgage offer is valid and whether your property will be ready before that date if you are buying off-plan.
- Exchange contracts and pay the deposit. With new-build properties, the exchange of contracts normally happens rapidly, usually within a few days of booking the property.
- Keep an eye on the process. You must now wait for your new home to be built. The developer should provide you with regular updates on how the work is developing.
- Completion. The developer will provide you with a certificate of completion.
Great Advantage When Buying an Off-Plan Property
Even if the property is well on its way to being finished, it’s still technically an off-plan purchase.
These are some of the advantages:
- It gives you the opportunity to secure a purchase price below market value.
- Great capital growth can be achieved.
- You can resell the property at a profit.
- It gives you an opportunity to purchase the property with a minimal deposit.
- It gives you the opportunity time to plan and save.
- Gives investors peace of mind, taking the stress off during a building project.
- The property is brand new and fresh.
- Equity Growth.
Finally, there is nothing more attractive than a new property. At Winstonfield Property Developers, we are committed to your real estate investment growth, and we strongly advise that when buying an off-plan property, it’s best to work with reputable real estate companies.