The purchase of a home will always be an important decision, and subject to your needs, you can adapt various options, such as buying ready-built, pre-built or off-plan. If your case is the latter option, and you want to invest in a home that you will be able to enjoy without any problem in a couple of years, it is important that you take into account several key points such as price, payment methods and delivery times.
Nowadays, the world situation has generated changes in all scenarios, and for some years now, off-plan purchases have been a possibility for investors or for people who want to buy a house, and it will be effective if what they are looking for is subject to a more affordable price and without time constraints.
Most real estate brokers offer among their portfolio of projects key aspects for decision making such as payment facilities and lower prices when projects are at an early stage.
However, acquiring a property while it is in the process of development is not always favourable, and this happens if you do not take the proper precautions. What you should always keep in mind is that you should think about long-term profitability, evaluate the market and determine a suitable opportunity that fits your pocket. It is for this reason that we present the advantages of investing in a flat project is fruitful.
The main reason is obviously the economic savings that can be generated by investing in flat, it is estimated a saving of 15% according to current real estate market prices. For example, a project in the East zone of Punta Cana can have a value of $280,000 ready for delivery, but that same project in the first stage of development had a cost of $238,000, a very interesting figure that can be used for additional expenses such as paperwork, bureaucratic procedures or for the furniture.
It is important that, over the years, and according to the location and amenities of the project, the price can increase by 4 to 6%, so the passage of time is a fundamental aspect that can play in favour of buying off-plan and knowing how to wait. This is why buying off-plan reduces the final cost and allows you to buy without excessive increases that are included every year as a result of market demand.
Another important point, apart from savings, is that the developers of the project are able to provide the client with total confidence in the purchase decision, and to this end structure flexible systems for the payment process, which can be made in easy instalments during the construction of the project.
In addition, an obvious benefit is that as a customer you can select a unit that is fully adapted to your needs, taking into account, for example, aspects such as a privileged view. It should be considered that according to the type of project, the higher floors are usually the favourites, as they have a better view and less noise, which is why their price is higher, even so, with the choice of buying off-plan, it has a positive influence on the price.
Another advantage is that it allows them to see the development of the property at each stage of construction, but also to control and monitor it, where adaptations or restorations may be required according to the client’s taste and to change anything in case the client does not like something.
Please note the following precautions
Not everything is rosy, and buying off-plan is no exception. The first thing to consider is that you must fully analyse the project and the company responsible for developing it. You should evaluate the commercial documentation regarding plans, brochures, dimensions and all the information about the property.
Once the project is known in detail, it is time to analyse the solvency and responsibility of the developers and real estate brokers. Once all the rules are in place, it is normal to sign a private purchase contract and require the real estate agent to provide a guarantee and structure the purchase on the basis of a trust system. The idea is to guarantee that the money invested will not be lost and they will be able to provide you with a guarantee of repayment in case of any setbacks.
Trusts are, according to the Internal Revenue Service (DGII), “a legal act by which one or more persons deliver property or rights to a trust entity to create a separate estate to be administered by that entity for the benefit of another person or the person delivering such property“.
Another obvious problem is the delivery time, which can be lengthy and the average development time is generally estimated to be 18 to 24 months. This type of purchase is viable if you don’t mind waiting and even for those who have a limited budget and want to save money.
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SUMMARY – Benefits are subject to the following aspects:
– It is cheaper than buying a finished property.
– Depending on the buyer’s preferences, modifications can be made to the design, considering electrical, sanitary or structural changes.
– The investment and the cost of the property is increasing according to the development process of the building.
– Various forms of payment can be negotiated while the project is still under construction.
– Profitability is gained and a return on investment can be guaranteed.
– Follow up during construction and check that what is offered is being built.
