Why has off the plan property become so popular? This is the question you might ask yourself when looking at the numerous newspaper ads and online marketing for proposed apartment developments at the moment. For anyone interested in investing in property, off the plan developments can provide a fantastic way to get into the market without having all the hassle of established properties. Let’s look at some of the advantages of these types of property in more detail.
Low Initial Deposit
Surely one of the best things about off the plan properties is the low initial deposit required to secure the apartment – that is, to exchange on the property. Normally developers require a 10% deposit, although in many cases this can be lower, and this means that you are locking in ownership of the property without having to pay the full price until its completion. Again, generally it can take several years to compete a development, which gives the investor time to get their finances in order, as well locking in a property at today’s prices. In some cases, you may also be able to have interest accrued on your deposit while the property is under construction.
Buy Yourself Some Time
This follows on from the last point, and for those looking at investing in property, off the plan properties can buy time not only to get the total amount of the completed property together, but also provide enough time to hire a professional manager to look after the apartment. They will have the time to be able to line up potential tenants once the property is completed, giving you a hassle-free way path to becoming a landlord.
Having Your Pick Of Apartments
It is common to see apartments in the the same development be advertised for different prices, with some fetching premium rents and being in demand from tenants while others might stay on the market longer. This is usually because these apartments have a better layout, are in a prized north or north east facing position, are at the back of a development (so less exposed to traffic noise) or have a desirable view. It is not often with established properties that you can go and choose the best apartment in the block, but with off the plan properties that’s exactly what you can do by getting in early and looking at floor plans.
Get Professional Assistance
Don’t forget the other advantage of off the plan properties, and that is getting professional assistance from companies such as Ironfish. They are in the business of helping anyone interested in investing in property, and offer a range of services such as finding premium investment opportunities (often pre-public and pre-negotiated) in the market, developing strategic investment plans and ongoing property management services. Contact them today to find out how they can get you on the property ladder and secure your future with a sustainable property portfolio.