July 21, 2024

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Tips to Buying a Condo Off Plan

Tips to Buying a Condo Off Plan

Buying off plan gives you the chance to choose your own floor plan from a variety of options. You can choose from a host of features and upgrades, ensuring that when you move into your new condo it is exactly what you wanted, finished to meet your unique specification to provide you with a home that you can be proud of and enjoy for years to come.

One of the first things you will notice when buying any condos off plan is that you will be able to enjoy a discounted price. Once the units are completed, the condo sales price usually increases as a result. Getting in early will help you get the best prices, but at the same time, the earlier you commit to purchase, the more likely you will be to buy completely off plan before the foundation is set.

Another reason you may want to consider condo sales off plan is that you secure ownership of your condo, but you get to enjoy a long settlement, which gives you some much needed breathing room when making such a large investment. Payment is normally only made once the project is completed and transfer takes place, this is just before you move into your new home and start enjoying your future.

Ensure you do your research into the developer, the architect, the builders and the engineers. Ensure that the complex you are looking at is being constructed by the best local construction companies and handled by the best developers, so you can buy with complete confidence.

Location is essential when looking at condo sales off plan. You want to try and choose an area which is considered prestigious, an area where you know you will get a good return on your investment in the future. Remember when looking in good areas, you will pay considerably more for single family home than you will for a condo off plan. Once the condo is completed, it is worth more, which means you have a good investment in a good area that you can enjoy.

There are certain very important factors to note when it comes to the contract that you sign. Read every line in detail, ensure you understand the contract and have your attorney look over it and help you with sections you don’t understand.

The first thing to note in the contract is whether there is a “Cooling Off’ clause. These days all contracts should contain this clause when buying off plan. This clause gives you a set period of time where you can pull out of the contract if you change your mind for any reason. Check the contract thoroughly to ensure you are offered a cooling off period to put your own mind at ease.

Next you want to ensure that the full details of the plans you have chosen are detailed and added to the contract. This way in the event when your unit is completed there is something missing or not as you chose, you can have it rectified. This clause ensures you know what you are paying for and also ensures the contractor completes your particular condo based on your unique specifications.

Read up on the deposit clause, the warranties, inclusions, defects and completion dates.