Buying a property that has not been built is a common practice in Asia. Some developers even fund the build through these pre-sales. It does however come with its benefits. Buy in the first phase where the developers set the prices at their lowest to start generating interest, and you can watch as your unit increases in value as each phase is released. >>Find new property launches
When purchasing an off-plan property it is an absolute must to buy from a reputable developer to safeguard your investment. Also, with bigger names there will be plenty of their other buildings that you can visit to gauge their work. Have a look at their previous projects and take a note of the overall condition, the materials used and how well it is aged.
Getting into the first phase will give you the opportunity to cherry pick a unit choosing one with the best layout for your needs or a tenant should it be a buy-to-let investment. Additionally, you can choose the floor and what direction it faces as to whether you want a sunrise or sunset setting. Plus, you may want to live closest to the lift if you would prefer to speed up your commuting time, but likewise, you may be inclined to choose a unit at the end of the corridor for the sake of privacy since no one will walk past your front door. All these preferences are very much personal choices and are the beauty of buying property off-plan since you have the pick of the bunch.
All developers will have a show unit at their marketing suite. Many will dress the room to look like a five-star hotel but don’t get too blown away with this since many, it not all, of these items will not be included in the purchased unit. Look beyond the furnishings that are trying to sell you a lifestyle and look at the more practical items. Such as ceiling height, window quality, air conditioning units, fitted storage, as well as the finishes such as the bathroom, kitchen and floors. Once all the dressings have been removed from the room, you will only be left with these items anyhow.
Once you have picked your ideal unit, check with the developer their payment terms. Some property investors speculate with off-plan purchasers and will sell on even before the unit has been built. This can make for a lucrative investment since you will not be required to pay the full funds of the unit before you sell. Having a good eye for detail it vital for these sector of buyers as they need to make sure they buy in the right project and the right unit too.
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