Overseas buyers often find the holiday home of their dreams in the form of highly affordable off-plan options, often located on luxury, purpose-built resorts. Below we take a no-nonsense look at this type of purchase and its pros and cons.
For those unfamiliar with buying off-plan property, the prospect of parting with hard-earned money for a muddy hole in the ground, well before the first brick has even been laid can seem a tad daunting. But there is an art to buying on the strength of architects’ drawings and this has become a favoured option amongst many shrewd overseas property buyers.
As is often the case, time means money: On the one hand, developers need to sell their product fast so they price their units temptingly low, thus achieving fast and valuable finance to proceed with constructing their development. They then repeat the whole process as soon as possible. On the other hand, buyers act fast to secure the lowest possible price and the best units on a particular development.
Homebuyers are delighted with having obtained the lowest possible price for their properties, while investors will often sell on their contract at a profit prior to completion, repeating the whole process again as soon as possible.
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