On the more positive side, there is often no penalty for selling an off-plan property before completion. But remember that the title to the property hasn’t passed to you until completion. So, you can’t simply sell the off-plan property contract to a third party unless the contract allows you to do so.
Can you complete on a property before it’s finished?
You absolutely can buy a new-build property before it’s built – in fact it’s not that uncommon for people to do so. The common term used for this is buying off-plan, which means you buy the property based on the plans, rather than on a physically completed structure that you can view in person.
Can I sell my off-the-plan property?
The good news is there’s generally no penalty for selling before settlement. Once you’ve got the legals out of the way, selling an off-the-plan property is no different to any other real estate transaction. Some developers have experience with re-sales, or you can go down the traditional path of a real estate agent.
How much can you get off a new build?
If you get your timing right you can negotiate up to 20-30% below the developers asking price off a new build house. But this depends on the property’s location and the strength of the housing market. If you can move fast and it’s the last one or two houses left, the more chance of haggling more.
Can you negotiate off the plan prices?
While most off-the-plan properties come with a fixed price, vendors might still be open to a negotiation. Your best bet is to get in early once the properties hit the market – or during pre-sales – as they will likely want to show a good sales rate during the early phase.
What does it mean to buy a property off the plan?
Buying real estate ‘off the plan’ means committing to buying a property that hasn’t yet been built. For both potential home owners and property investors, buying off the plan can be more affordable and flexible than buying an existing property but also comes with other considerations.
Are there any issues with buying off the plan?
Another major issue with buying off the plan is the possibility of excessive speculation applying downward pressure on prices. It’s a problem that predominantly affects investors, but it can also negatively impact other buyers, by pushing up their loan-to-value ratio.
Can you buy a home with an off plan mortgage?
The biggest discounts on off-plan property tend to be available to investors and cash buyers purchasing multiple properties. But even if you’re buying a home for yourself with a mortgage, there’s often a deal to be done.
What are the advantages of buying an apartment off plan?
Whether you plan to resell or live in the apartment, one of the biggest advantages of buying off-plan is selection. Unlike in completed buildings, you can usually select the ideal unit to suit your needs, tastes and budget when buying off-plan property.
