Buying a Property “Off-Plan” means purchasing property before it has been built. While this may seem risky, there are several benefits to buying off-plan. These include securing the best plot of land and locking in a price that is often lower than the market value.
When buying an off-plan property, there are a few steps you should follow:
- Identify a property development in the area you want to live in. Our sales team can assist you if you’re looking to buy in Limassol or the surrounding area.
- Pay your reservation deposit, which will be deducted from your contract exchange deposit.
- Hire a lawyer to help with the legal process of buying a house, including conducting local searches and reviewing the contract.
- If necessary, get a mortgage. It’s important to know how long your mortgage offer is valid and whether your property will be ready before that date if you’re buying off-plan.
- Exchange contracts and pay the deposit. With new-build properties, the exchange of contracts usually happens quickly, usually within a few days of booking the property.
- Keep an eye on the building process. The developer should provide you with regular updates on how the work is progressing.
- When the property is finished, the developer will provide you with a certificate of completion.
There are many advantages to buying off-plan, such as the opportunity to secure a purchase price below market value, the potential for capital growth, the ability to resell the property for a profit, and the opportunity to purchase the property with a minimal deposit. It also gives you time to plan and save, and offers investors peace of mind during the building process. Plus, a new property is always attractive.
At DVLP, we are committed to helping your real estate investment grow, and we strongly recommend working with reputable real estate companies when buying an off-plan property.