When buying a condo, there are two choices. The first is to buy a resale condo. This means that the condo is completed and it is most likely being lived in. You would buy this condo from the owner and hopefully you would have the good sense to use a trusted real estate agent such as Gecko Properties.
The second option is to buy an off-plan condo. In this case, the construction is not yet completed and may not have even started. You would buy this condo from the developer of the project. This article focuses on buying an off-plan condo.
One of the misconceptions some people have is that they will get a better deal if they buy directly from the developer rather than using a real estate agent. If anything, the opposite is true. A developer relies on a network of trusted agents to bring them, buyers. If they start to offer discounts on units purchased directly, they will put at risk their agent network.
Buying off-plan presents a range of different factors to consider. This is why using a trusted, and experienced agent like Gecko Properties makes so much sense. They will make sure you have all the information you need to make the most informed decisions possible.
So, what are some of the advantages of buying an off-plan condo? The first one is probably the price. AT this early stage, the units are generally priced below the expected market rate that they will achieve on completion. If you are an investor, this can be a great way to leverage a relatively small down payment to gain an excellent return. As an owner-occupier, you know you are getting your unit at a reasonable price. This means that if you should need to sell in the future, you will likely have netted a positive return.
A second advantage is being able to select the location of your unit in the project. This means you have the opportunity to choose the best location to suit your specific requirements.
There are also some things to be aware of, and this is really where you should make sure you are represented by an agent with considerable experience such as Gecko Properties.
The first to make sure that proper due diligence has been carried out against the developer and the project itself. Note that some of the funding to undertake construction is reliant on initial sales. Here, your agent will advise you on the developer’s past results, as well as make sure the project has secure access and lawful title to the land. They will also help verify that items such as permits or licenses have been grated or properly filed. Your agent will also make sure that the title transfer on completion is handled correctly.
As you can see, there are some real benefits to buying off-plan, including price, location and cost of the initial investment. There are also several things about which you should be aware of. Gecko Properties will make sure that not only do you get the best deal but that your contract offers you the best protection for your purchase.