Property Investment Blog
Tips on Getting an Off Plan Property in the Sun
Posted on April 24th, 2008 by Property investment ExpertNowadays, purchasing property overseas is very popular because it is a sound investment. Do you want to know how you can buy your dream villa, golf property, or beachfront property at a low cost? It’s easy—buy it off plan. Several investors buy off plan property in the sun, as it offers great value at a low cost.
Purchasing off plan means buying a property based only on the plan of a structure that has not yet been constructed. It is beneficial for an investor to purchase off plan because the earlier a property is purchased within the development, the cheaper the price. Actually, there are cases wherein the entire development had been bought even before the developer has started working on the foundations. Instances like this usually take place in hotspot destinations. At the moment, it is easy to get the type of property you want, be it an apartment, a townhouse, or a commercial unit anywhere in the world with the help of real estate agents and different websites online. So, you’ll get to have the off plan property you want.
Before acquiring any property, you should be aware of the buying process, including the fees and taxes and the restrictions, especially if you are purchasing property abroad. It is advised that you have a lawyer or solicitor to assist you before agreeing with a contract and before giving any reservation deposit or final payment. It is also best to look over the property before completion of purchase so that any problems, even minor ones, can be corrected right away. This is also to prevent going though a lengthy process once the property had been signed over, if ever there are any problems.
Before setting off on getting your property, here are some things that you should remember. When investing in a property, the first thing to do is to meet your lawyer and know the conditions of the developer, and only then should your lawyer or solicitor give a reservation fee. You should also be clear with boundaries and legal descriptions of the property. Since it is off plan, make sure that the development has the necessary legal papers, like the building license. Your lawyer should be present during the final stage of sale when you will give the final payment and sign the title deeds.
Fees that normally apply to real estates are legal fees, notary or administration fees, land registry fees, stamp duty, and value added tax. Other things that you should consider are the mortgages, survey fees, property insurance, property management, and rental fees.
An off plan property investment will not only make you realize your dream of living a new life in the sun; it can also provide you an opportunity to make other people’s dream of living in the sun come true by selling the property at a later time. And since you acquired it at a low cost, that translates to lots of income for you. What are you waiting for? Take steps now and invest in an off plan property in the sun.
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