Luck swings in favor of the bold, right? Well in life, like in the property market, this has proven to be true. Those that take bold decisions are usually rewarded with abundant outcomes.
What is an off-plan Condo?
An “off-plan” property is a concept of a villa, a house, or commercial space put on plan and sealed by an architect, and often supported by 3D rendered images, before starting their own construction. These plans are often used by property developers not only as a development material for their portfolios but also to let buyers obtain more favorable and secured financing conditions.
Buyers are usually only required to pay a deposit to the developer when signing a contract to purchase the property, usually 35% of an estimation of what the property will be worth once it is built, although this can differ from project to project. The remainder of the price can sometimes be broken up into progress payments correlating to construction or is required to be paid to the developer when the property is completed and its new owner is able to take possession.
Why invest in off-plan?
There are loads of good reasons to put down a deposit on an investment property before it has even been built. By deciding to buy off-plan, you might strike a good deal, secure the best plot or even choose the appliances and fittings. The trend for buying off-plan properties has been rising, so if you’re looking at a desirable new build development in a prime location, you might need to act fast to have a chance of clinching your perfect investment.
If house prices happen to go up in your area after you have signed a sales contract for an off-the-plan property, there’s the potential that your property could actually increase in value by the time it’s finished being built.
Depending on the developer you work with, there may be an opportunity to have a say in how the unit or townhouse is designed internally, such as floor plans, finishes, and décor colors. The earlier in the development stage you buy in, the easier it may be to customize the property to your liking.
For years, off-plan buyers have enjoyed generous returns in the Thailand property market. They have benefitted from discounted prices from developers as well as capital gains from a growing market by buying into young projects.
Buying off the plan shouldn’t be cause for anxiety. It should be cause for serious excitement.
If you’re wondering whether or not to invest in real estate and to make it part of your wealth-building plan, sit down and have a conversation with us your trusted investment professional.
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