08/08/2023
Many people have heard of off plan projects but they can’t seem to understand how or what it is!
Off plan means you buy it before it is built, when only the plans for it exists!
Purchasing off plan involves making a down payment and then gradually paying the remaining amount in installments.
Buying off plan allows you to lock in the price and saves you from any future market trends that may see the rest of the houses in the area go up in price.
Here are some tips on how to invest in off plan projects:
➡️Be sure to know the project completion timelines.
➡️Hidden costs should be disclosed. Any amounts other than the selling price should be made open. The contract that one signs, be sure to read and understand the finer details and clauses with the help of a lawyer!
➡️Land search should be made a priority. Before anything else, a buyer should make time to conduct a due diligence search on the land to determine whether or not it is registered and also the user of the land allowed to carry out certain activities.
➡️Buyers should be aware of encumbrances such as mortgages, charges and any other superior rights of third persons over the land. This should exempt one from court litigation over stalled projects.
➡️Ask and enquire about the company and it’s successful off plan projects. Have referrals of investors who have had a smooth sailing.
