When it comes to buying property, there are a lot of things to consider. But one of the most important decisions you’ll make is to purchase a completed property, or whether buying off-plan could be the better option. Here are four of the biggest mistakes people make when buying off-plan – and how to avoid them.
1. Not Doing Your Research
The first mistake people make when buying off-plan is not doing their research. It’s important to remember that you are investing in a property that doesn’t exist yet, so you need to be extra diligent in your research.
This means looking into the developer’s track record, reading the small print in the contract, and getting a realistic idea of what the finished property will look like.
2. Failing to Negotiate
The second mistake people make when buying off-plan is failing to negotiate. Just because you’re buying a property that doesn’t exist yet, it doesn’t mean you can’t negotiate the price.
Many developers are open to negotiation – especially if you’re paying cash. So, don’t be afraid to haggle and see if you can get a better price.
3. Not Understanding the Risks
Buying off-plan is a risky investment, as there’s always the possibility that the development may not be completed or that it won’t meet your expectations. It’s important to be aware of the risks involved before you sign any contracts.
4. Failing to Secure Financing
If you’re not careful, it’s easy to get caught up in the excitement of buying an off-plan property and forget to secure financing. Remember, you’ll need to have your mortgage in place before you can exchange contracts.
Buying off-plan can be a great way to get your foot on the property ladder, but it’s important to be aware of the risks involved. By doing your research and being realistic about the price you pay, you can avoid making these common mistakes.
