Off-plan property purchase means that you are buying into the concept and design of the development with the idea that the project execution process would be favorable and meet your expectations.
This typically means buying an apartment or property in advance of its completion. Off-plan properties are typically sold before the beginning of construction or during the construction process.
Read Also: How to break into luxury real estate market
THERE ARE SEVERAL REASONS YOU SHOULD INVEST IN OFF-PLAN PROPERTIES
- SECURE PURCHASE BELOW MARKET VALUE
One of the main advantages of buying property off-plan is the ability to secure the purchase at below market value. Quite often this is due to developers wanting to demonstrate a certain level of sales before marketing the development or to sell as many units as possible before completion.
- YOU CAN BUY THE PROPERTY WITH LOWER DEPOSITS AND A FLEXIBLE PAYMENT PLAN
Some off-plan contracts have the supplementary merit of staged payments. This helps lower the burden of costs and benefits the investor that would otherwise have to deposit a hefty amount. You can pay 40% of the total price in installments before the property is completed.
Buying an offline property helps you plan your life without pressure. A great example is a retirement plan. If you plan on retiring in a couple of years, you can start buying your retirement home today, go through your last year’s stress-free and move into your own home just after its completion.
- YOU CAN TWEAK THE DESIGN OF YOUR UNIT
Whether you plan to live or resell the property, one of the principal advantages of buying an off-plan property is to be able to choose and customize most aspects of your next home. You can commune with the company about your desired results, only an off-plan sale offers you that luxury.
- YOU CAN RESELL THE PROPERTY AND GET PROFITS
The advantage of real estate is that in the long run the market value always appreciates, if the market prices are going up, buying a home before it is completed means that by the time you move in, it would be worth more than what you paid for it.
- FIRST USER
Your apartment is brand new! Everyone loves a brand-new apartment. constructed with top-of-the-line materials, cutting-edge fixtures, and cutting-edge architectural features like smart home capabilities and energy-efficient appliances. Because everything is brand new, you will not have to pay for any maintenance in the near future, which will save you money in the long run. Brand new homes also attract tenants who are prepared to pay a premium to live in new places, which translates to increased rental revenue if you are buying property as an investment.
- YOU MAKE RENTAL INCOME FOR LIFE
I have had several intending investors say, I want to invest but I don’t live in Lagos!
How about having rental income from your investment, and still have the property in your asset portfolio.
That sounds great, doesn’t it?
And because Lagos is one of the most sought-after property locations in Nigeria.