Given the option, people often prefer to buy a ready built property rather than buying on plan. Not everyone can understand a plan, visualise or appreciate the benefits derived from considering a purchase on plan. You do not need to see this step as a risky move as this could be one of the best options when purchasing a property. In this article you will go through the benefits of buying a property on plan.
- Witnessing your new investment
- Save more until your property is ready
- Deposit is paid to secure your property and the rest is paid upon completion
- Current market trend shows an increase in property value, therefore, you are securing your price today, not risking of purchasing same type of property at a higher price
- A plan is the structure of the property but you are free to have some changes to fit in your personal requirements
- Buying on plan will give you time to sell your property if you are buying your second home.
- It will give you time to finish off your property to your tastes.
- We all want our own finishing touches for our property, from tiles to plugs
- Organise your finances better.
4 tips to consider when buying on plan
- Ask who the constructor is and his reliability.
- If possible see their work perhaps on a property they have already built and finished.
- Ensure you have a full list of finishes, time frames and permits.
- Engage with a professional estate agent, to guide you through all the purchasing process. This will help you understand the plan and many times they also help you visualise the property.
Benefits when buying on plan
- Securing the negotiated price even if project will be ready in two years time.
- Benefitting from €10,000 to €15,000 below market price
- Delayed Payment Plan
Risks when buying on plan
- Time frames might not be respected
- Economical swings
At planning stage you are in a position to upgrade and change to your likings, you will have more time to plan your finances and if you are selling a property you will have more time on your hands. On the other hand if you are tight with time, then buying a property on plan might not be a good option. Always check time frames and give allowance of 3-6 months past the estimated completion date.