Advantages of buying property off-plan
Buying off-plan is unfortunately sometimes presented as a “risky” investment option due to them that you are signing contracts without having a tangible product to purchase. In reality, purchasing off-the-plan has significant benefits that deliver time and financial savings, in addition to actually de-risking the purchase.
Take Time To Plan and Save
As you are committing to property that may take 12-18 months to complete, that offers you plenty of time to plan. This is valuable if you plan to occupy your future home, leaving you plenty of time to organize the sale of your existing property or the end of the lease. It also allows you to continue building up your cash funds, with many off-the-plan purchases requiring no progress payments with the balance of contract price paid at settlement. This gives both homebuyers and investors the freedom to keep their funds working in other areas while knowing they having safely locked in their purchase price.
Secure purchase below market price
Getting in on a new development in its infancy can sometimes allow buyers to take advantage of early bird special discounts. Once construction commences, prices will commonly rise in the latter stages to potentially provide capital growth from the beginning.
Good Today, Better Tomorrow
Purchasing an established home today and moving in three months later at settlement, won’t see you making much in the way of capital growth (unless you grabbed an amazing deal or the market has gone crazy). Purchasing a property off-the-plan and settling after construction 6-12 months later often pockets buyers’ instant capital growth.
Tax Savings
Off-the-plan purchases are extremely beneficial for investors looking to leverage the tax system to their advantage. Greater tax advantages apply to newer properties due to greater depreciation that is regarded as a legitimate non-cash expense of your investment ‘business’.
Re-sell the property at profit before completion
It is always obvious to say that your property will grow up in value before completion, financiers can decide to put their property again for sale and sell it at an advanced market value. Even though this can be a good approach for investors considering making a profit quickly, you would understand much more of a capital progress benefit by renting the property and as well achieving the benefit of a steady rent payment income, totaling to capital growth.
Opportunity to buy the property with small deposits and staged payments
Reliant on the designer and the assets, various off-plan contracts have the supplementary advantage of staged payments. These expenses can help extend the cost of the acquisitions and permits investors to procure property deprived of a considerably huge deposit.
Design development and flexibility
The property is brand new and fresh and you can have an input into the central decor, stuff, and fittings. When you stride into a display home, you’re time and again sold a precise routine and many purchasers are overwhelmed by the modern strategies and ingenious thoughts which fit everywhere today’s up-to-date living, such as scrambler sheds or attractive space-saving arrangements.
Buyers can also have a guess in color arrangements and are often given a choice of correspondences for the excellence of the surface grounded on their budget.
The procurement process is usually modest. The designer can deliver an advocate, all the customary legal quests have previously been accomplished and as soon as you outlook the property/place, you can converse at hand.
In Summary
As you can see, purchasing property off-the-plan offers an amazing range of benefits for all sorts of buyer types. From strong demographics to capital growth and rental yields, our team diligently researches every aspect of our developments to ensure you gain the maximum benefits from day one. To see how House & Sun can help you take the first steps on the property investment ladder in Greece, or if you would like to build on an existing portfolio, contact us today.
