Have you ever wondered what the Dos and Don’ts are when investing in OFFPLAN?
Here are some things to remember.
- Extensive Research.
Ensure before you put up a large sum of money in real estate you have done proper research. Do extensive digging. Ask questions about your developer and the development. Look at how other real estate developments have performed in the area where the developer wants to build. What are the returns? How long will construction take? How much will it cost? Research will help you answer questions.
- Location
Prime location in real estate could mean different things to different people. Figure out what it means to you. Are you looking for the city highs, or are you a countryside type of person? What’s your purpose of buying? For investment? Means you get a place easy to rent.
For retirement there are also considerations as well as for gifting maybe your children. Some key considerations include-
- Access to Infrastructure.
- Growth in the area
- Resale value.
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- Planning
Once you have settled on buying off plan, proper planning comes in handy. Finances are the major consideration at this stage. Planning helps you know whether you can even afford the project in the first place. It also helps you decide what you will do with the unit.
Whether you are planning to rent, lease or live in the complete house, you must make arrangements in advance so that you can use it as soon as it is ready.