Why buying off-plan makes sense
Buying off-plan is a great option whether you’re buying to rent or to live. Not only will you enjoy a brand-new unit that no-one has ever lived in, you’ll also more than likely be able to secure a higher rental (brand-new units are very popular with tenants) and save on transfer duties and VAT which are included in the purchase price. What’s more, it provides a clean slate on which to build personal wealth and, if you’re careful about which development you buy into, you’ll have a fair expectation of good capital growth in future.
Sectional title units are the most common type of property to be sold off-plan, with many developers offering a choice of layout or floor plan for different sized units within the same complex. And, depending on when you buy into a development, you could be offered a choice of fixtures, finishes and paint colours, allowing you to tailor your new spot to your personal taste.
While buying off-plan requires a certain amount of trust, given that the finished product is still a way off, there are several ways to safeguard yourself if you’re considering an investment of this nature.
1. Take note
Once your unit is ready for occupation, but before you take transfer of your new property, be sure to inspect it with a fine-tooth comb, along with a representative of the developer. This affords you the opportunity to agree on anything that still requires attention prior to occupation.
2. Plan ahead
As it’s not always practically possible for the dates of transfer and occupation to coincide, you may find yourself in a situation where you’re liable for occupational rent. To avoid putting undue strain on your finances, make sure you’re aware of these costs going in and that you budget accordingly.
3. Do your homework
Before you consider buying a property off-plan, take some time to investigate the track record of the developer and its contractors. Find out how long has the developer been in business, what else they’ve built, and whether they have long-standing partners that they work with on a regular basis. Look at other developments they’ve completed to get an idea of the workmanship and build quality and ensure that you’re dealing with reputable operators who deliver what they promise.
Harbour Arch is selling off-plan
This exciting precinct encapsulates the principles of new urban living and presents an opportunity for people to live, work, play, relax, and stay in a safe, convenient and community-focused environment. It is developed by the Amdec Group, which has more than 30 years of experience designing, constructing, maintaining and managing built environments.
To find out more, contact us today on 087 809 0000 or click here to get in touch with a sales consultant.