What do we mean by buying off-plan? Well, buying off-plan property is simply purchasing the property before it has been built. Yes, you may feel this is a risk, but buying from a reputable developer will reduce the risk and of course, you should deposit the signed contract of sale at the land registry so this way you will be protected.
There are many benefits of buying a property in Cyprus that is off plan.
While there are still many similarities when buying a property that is already built, there may be a few extra things you need to consider for an off-plan purchase. For example, you will receive updates on the development process that you should keep an eye on, to make sure timelines are being kept. You can also pay in stages with the contractor at this point.
Some benefits of buying off-plan include locking in a much cheaper price than post-development, securing a great plot and a whole lot more. Read on to find out the benefits of off-plan purchases in Cyprus.
5 Benefits of buying off-plan developments
1. Pre-sale prices
One of the most eye-catching benefits of purchasing a property that is yet to be built is the fact that you will get it at a much better rate. Buying off-plan means you will essentially be buying a property below market value, as it is yet to enter the market yet, this could save you a lot of money compared to if you waited for the project to be finalised.
Additionally, the off-plan price can be locked in, meaning despite the rise in prices of the properties over the course of construction, you will have locked in your property at a much better rate.
2. Customisations
Buying off-plan means you also get a say in the construction of your property, you will be able to make fundamental decisions on the make-up of your property and, depending on the stage of construction, you can make structural decisions too. Some customisations you can make are as follows:
- Picking your bathroom tiles.
- Choosing bathroom accessories and plumbing fixtures.
- Selecting the type of flooring in the property.
- You get a choice of kitchen cabinet colours and the type of countertops used.
- Even wall colours you can choose.
- Location of electrical outlets.
This is such a great benefit of buying off-plan because you can really have a say in how your property will look and this can save you a lot of money with changes you would want to make to a property that is already built.
In the image below, you can picture how your property will look, as the developers provide accurate and constantly updated renders of the project. Here you will also be able to plan any customisations and edits to the property.
Off-plan example:
3. Profitable Resell
Buying off-plan and before it enters the market, means that once it is built the value will likely rise to meet market price expectations. Therefore, if you intend to sell your property in the future, you will likely make a good amount of profit on the property.
4. Pay in Instalments
Buying property can be expensive and can require a large deposit in order to get a mortgage. However, when buying off-plan, you can pay in instalments to the contractor over the course of the construction. This allows you the opportunity to plan and save and upon finalisation, you will be in a much more stable position.
5. Brand New Property
The quality of your property will be at its highest possible level, a completely brand-new property, with your customisations in which no one has lived in. This doesn’t only add value to your home but also a sense of freshness, knowing that your home is completely new.
At A.M.Y PROPERTIES LTD, we are committed and dedicated to providing you with the best opportunities to purchase property, whether for lucrative investments or luxury living. We are an award-winning company with a long history of project development. If you’re looking for your next off-plan property, then get in touch today and let us help you find your dream home.
