Your home is beyond the
square feet it consists of, it is always beyond the price you pay. The value
you get is what matters most. When your home is involved your family is what
you should think of. Sun light, balcony size, surrounding, Kitchen size. All of
those are details that you should look at. Get the right space for your family;
make space for Happiness. At Arms & Mcgregor International Realty® we know
what your family means to you. make your move.
Off plan purchases
Although purchasing
property off plan has several advantages, fundamentals should still be
considered while such a step is taken. Property unlike futures, stocks,
derivatives, bonds and gold of other commodities, is bought to be lived in not
traded. Things to consider while thinking of an off plan purchase:
1. History of the
developer. Consistency of deliveries from quality and time frames promised.
2. How is the project
financed? Is there a secured financier behind the project?
3. What you have in hand
is a contract until a property is built. Better make sure the contract is good
enough. Your rights, penalties on failure to deliver the promised quality or at
the promised time, what’s part of the common areas.
4. Compare prices with built
property in a similar area. Off plan projects regularly are a 3 to 5 year plan.
The price difference should be considerable from similar built property.
5. Look at the details of
the property you are purchasing. (layouts and key plans, material used, positioning
in the building, neighboring plots and future plans, window positioning and
light, proximity, traffic planning, family size planning). All those are items
you would have considered or built your decision on if looking at a built
property, why not consider when purchasing off plan.
6. Projected running costs
post completion.
Last but not least, HOW
ARE YOU GOING TO PAY FOR IT. If you’re buying property off plan to spread your
cash to the max even beyond what any financial institution would lend you then
you are planning for your big crash, or at best gambling and going all in even
without looking at your cards. Be cautious. invest healthy, homes are meant to
help us get happiness and stability not grieve and sorrow.
