{"id":853,"date":"2017-02-20T21:18:08","date_gmt":"2017-02-20T21:18:08","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/pros-and-cons-of-buying-off-plan-property\/"},"modified":"2017-02-20T21:18:08","modified_gmt":"2017-02-20T21:18:08","slug":"pros-and-cons-of-buying-off-plan-property","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/pros-and-cons-of-buying-off-plan-property\/","title":{"rendered":"Pros and Cons Of Buying Off Plan Property"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div style=\"margin-top:35px; text-align:left\" readability=\"42.304781561748\">\n<p style=\"margin: 0px; font-size: 12px; line-height: normal; font-family: Helvetica; color: #000000; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\">\u00a0\t\t<!-- THE AD INSIDE THE ARTICLE -->\n\t\t<\/p>\n<p style=\"margin: 0px; font-size: 12px; line-height: normal; font-family: Helvetica; color: #000000; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\"><span style=\"font-kerning: none;\">So you have visited the developers office, seen the glossy brochures, spoken to the slick sales agent and now decided you want to buy off plan. This could be a great move but before you sign on the dotted line there are a number of things you need to consider first.\u00a0<\/span><\/p>\n<p><span style=\"color: #000000; font-family: Helvetica; font-size: 12px; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\">Lets have a look at just some of the pros and cons when it comes to buying off plan property.\u00a0<\/span><\/p>\n<h2 style=\"margin: 0px; font-size: 12px; line-height: normal; font-family: Helvetica; color: #000000; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\"><span style=\"font-kerning: none;\"><strong>Benefits of buying off plan:<\/strong><\/span><\/h2>\n<ul><\/ul>\n<ul>\n<li><span style=\"-webkit-text-stroke-width: initial;\">Low up front costs &#8211; Most developers will require a 10% security deposit with the remaining amount to be paid during the construction period or at completion. This\u00a0 makes buying off plan more affordable and easier to manage for most buyers.\u00a0<\/span><\/li>\n<p>&#13;<\/p>\n<li style=\"margin: 0px; font-size: 12px; line-height: normal; font-family: Helvetica; color: #000000; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\"><span style=\"-webkit-font-kerning: none;\">Buy brand new &#8211; When you buy off plan you get a brand new never lived in unit. What you also get is first choice of available units. This, if you buy early enough allows you to pick from the most desirable units in a particular development.\u00a0<\/span><\/li>\n<p>&#13;<\/p>\n<li style=\"margin: 0px; font-size: 12px; line-height: normal; font-family: Helvetica; color: #000000; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\"><span style=\"-webkit-font-kerning: none;\">It\u2019s often more affordable &#8211; If you buy early developers are often keen to secure sales for the project to go ahead. As a result the prices are often lower compared to what is\u00a0offered\u00a0 towards the end of the sales process.<\/span><\/li>\n<p>&#13;<\/p>\n<li><span style=\"-webkit-text-stroke-width: initial;\">Sell before completion &#8211; Most developers will allow you to sell your property before project completion. This allows buyers to cash out early should prices rise.<\/span><\/li>\n<p>&#13;<\/p>\n<li><span style=\"-webkit-text-stroke-width: initial; color: #000000; font-family: Helvetica; font-size: 12px; text-indent: -36px; -webkit-text-stroke-color: #000000;\">Capital appreciation \u2013 If the property market experiences growth, the property you purchase off plan today is likely to increase in value by the time you take possession.<\/span><\/li>\n<p>&#13;\n<\/ul>\n<h2 style=\"margin: 0px; font-size: 12px; line-height: normal; font-family: Helvetica; color: #000000; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\"><span style=\"font-kerning: none;\"><strong>Risks of buying off the plan:<\/strong><\/span><\/h2>\n<ul>\n<li><span style=\"-webkit-text-stroke-width: initial;\">Falling property market &#8211; Just like the <\/span>property market<span style=\"-webkit-text-stroke-width: initial;\"> can go up it can sometimes just as easily go down. What this means is that the property you bought two years ago is worth less today then it was when you first purchased it. This can cause various problems with <a href=\"https:\/\/amazingproperty.com.ng\/blog\/construction-loans-for-commercial-and-residential-builders\/\">financing<\/a> and reselling the unit should that have been the intention.\u00a0<\/span><\/li>\n<p>&#13;<\/p>\n<li><span style=\"color: #000000; font-family: Helvetica; font-size: 12px; text-indent: -36px; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\">Not getting what you expected &#8211; Unlike with ready property you don&#8217;t get to see the property which you buy off plan. This means you often have to envision the end product and rely on brochures and the word of the developer sales agent.<\/span><span style=\"color: #000000; font-family: Helvetica; font-size: 12px; text-indent: -36px; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\">Unfortunately not all promises are always delivered on and what you end up with may not be up to the same standard you had hoped for.<\/span><span style=\"color: #000000; font-family: Helvetica; font-size: 12px; text-indent: -36px; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\">\u00a0<\/span><\/li>\n<p>&#13;<\/p>\n<li><span style=\"color: #000000; font-family: Helvetica; font-size: 12px; text-indent: -36px; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\">Developer Issues &#8211;<\/span>Property development<span style=\"color: #000000; font-family: Helvetica; font-size: 12px; text-indent: -36px; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\"> can be a tricky industry and it\u2019s not unheard of for property developers to go out of business. This can leave existing buyers in a rather awkward and uncertain situation.\u00a0<\/span><\/li>\n<p>&#13;<\/p>\n<li style=\"margin: 0px; font-size: 12px; line-height: normal; font-family: Helvetica; color: #000000; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\"><span style=\"-webkit-font-kerning: none;\">Not being able to use the property &#8211; An off plan property can take anywhere between 2 to 5 years to complete meaning you can\u2019t move in and use the property. This can be an inconvenience should your personal circumstance change during the construction period.<\/span><\/li>\n<p>&#13;\n<\/ul>\n<p style=\"margin: 0px; font-size: 12px; line-height: normal; font-family: Helvetica; color: #000000; -webkit-text-stroke-color: #000000; -webkit-text-stroke-width: initial;\"><span style=\"font-kerning: none;\">As with all investments, buying an off plan property does come with its own set of pros and cons. Understanding what these are is crucial and will go a long way in helping you decide whether buying off plan is the right thing for you.\u00a0<\/span><\/p>\n<p><span style=\"font-kerning: none;\">\u00a0<\/span><\/p>\n<p><span style=\"font-kerning: none;\">\u00a0<\/span><\/p>\n<p><span style=\"font-kerning: none;\">\u00a0<\/span><\/p>\n<\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"http:\/\/realtytimes.com\/advicefromagents1\/item\/50729-pros-and-cons-of-buying-off-plan-property\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] \u00a0 So you have visited the developers office, seen the glossy brochures, spoken to the &hellip; <a title=\"Pros and Cons Of Buying Off Plan Property\" class=\"hm-read-more\" href=\"https:\/\/amazingproperty.com.ng\/blog\/pros-and-cons-of-buying-off-plan-property\/\"><span class=\"screen-reader-text\">Pros and Cons Of Buying Off Plan Property<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":854,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[695,1403,15239,2890,1398,1399,41,3126,140,219],"class_list":["post-853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-owner","tag-agent","tag-buy","tag-chase","tag-construction","tag-developers","tag-development","tag-property","tag-property-developers","tag-property-market","tag-realty"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/db8af0ef386b8b47c8c9d50cd78351a9_S.jpg?fit=200%2C107&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/853","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=853"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/853\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/854"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=853"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=853"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=853"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}