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Why Off-plan?

What is off-plan?

Off-plan, also known as new build properties, is when you buy a property before it is complete. This can be whilst the property is in development or more likely before any development has taken place.

You will see the site where the development and chosen property will be built, the plans of the property, artist impressions and occasionally models of the properties. You will also know the build specifications, the payment terms and the completion date of the property - note this is not always the completion date of the whole development but the phase of the development that your property is in.

You will pay a reservation fee (between 3,000 and 10,000€) which secures the property and then normally a month later you will pay a deposit (between 10% to 40%) and will have nothing else to pay until the property is completed. 



Why buy off-plan?

The main reasons for buying off-plan are Investment, Price, Deposits and Choice.

Off-plan properties are priced below the actual market value and have between 1 and 3 years until they are completed. The price you pay is fixed as soon as you have paid the reservation fee. As the general trend with properties is that they increase in value over the build time your property will be worth more than you paid for it. If you buy a number of properties on the same development you will also find that you will be able to get an extra discount on the price.

Also helping your investment is the fact that price increases are made by the developers as each new phase is released.

Low deposits and nothing else to pay until completion are a very attractive proposition for many purchasers. The days of 50% and even 75% deposits have gone and are now a lot more sensible with deposits from as little as 10%. Some developers will even let you sell the contract on to another private buyer meaning you get a return on your investment without even waiting for the completion.

Finally there is choice; when you buy off-plan you get to pick and choose from many properties which enables you to find the one that suits your needs. It could be the orientation if you want a south or south west facing property, if you want a corner plot, maybe a penthouse with a solarium or you need a ground floor with patio or garden; with off-plan you get to choose what you want.