Off-plan Property: An advantageous option in purchase real estate
What is Off-Plan Property?
Off-plan property, which is referred to as pre-sale properties or pre-sales in Canada, is a property that available for purchase before it has been constructed. Construction may not have begun yet, or it may be under construction. The most important feature of the off-plan project is that uninhabitable. Buyers need to wait for a period of six months to two years before availing of title deeds and to move.
Advantages of Buying Off-Plan Property
Pre-constructions are usually marketed to real estate developers and to early adopters as developments, who purchase it with the aim of making capital gains by taking advantage. Developers who sell Off-Plan properties often offer financial incentives or discounts to real estate investors or real estate speculators. For this reason, real estate investors or real estate speculators tend to buy off-plan properties due to their advantageous financial conditions.
The location of the off-plan property is one of the most important charm elements. For example, if there is a university or a new road where the property is located, or it's to be built within the next few years, the off-plan property is considered attractive. In a rising region, a 12-24 month process could be an opportunity for capital growth.
Off-plan property, which is properties sold before they are constructed or completed, has many advantages. Here are the advantages of buying off-plan property:
1) Securing profits from property resale
Purchase off-plan property is a great investment strategy for quick profits due to a residential or commercial property begins to gain value before completion. Financiers/buyers can put their properties for resale and sell them at a price higher than the price they get. Higher ROIs and capital progress benefits can be obtained by renting real estate and raking in profits from the steady rental income, totaling capital growth.
2) Purchase property below market price
One of the key advantages of buying off-plan property is that it is low priced compared to other properties on the market. Developers propose additional deductions for early bidders and financiers (buyers) as an extra enticement and they provide property buyers with optimum reductions owing to their ability to vend maximum units rapidly and professionally.
3) Offers time to plan and save
Because properties under construction take several months to complete, it gives buyers enough time to plan ahead. It gives ample time to establish an auction of the existing property or completion of tenancy agreements. Purchase off-plan properties further enable investors to fund money reserves and seek financial aid against investments.
4) Free from the government taxes
To boost real estate development and encourage international property buyers, the Turkish government has rolled out innovative strategies. It permits foreigners and Turk residents living abroad to buy projects straight from the developers that are free from VAT charges under the following conditions:
• The investment is made in foreign currency.
• It applies to the first property for each owner.
5) Capital growth
One of the key advantages of buying off-plan property is its capital valuation. The valuation of capital is directly proportional to the progress and development of the project.
Off-plan property owners are rewarded for their patience by benefiting from the highest market growth possible. Early investors reap an average profit of 30-40% price growth from start to finish.
6) Add the personal touches
Buyers who buy an off-plan property have the added benefit of putting their personal touches on the home. As construction has not yet been completed, it is possible to make the desired changes to the apartment.
7) Offers easy payment plans
Because off-plan properties are still under construction, it offers easy payment plans with a variety of interest rates and loan opportunities until the end of construction.
8) Offers high quality of life
Off-plan projects are mostly equipped with social activity areas as in the hotel concept such as an outdoor swimming pool, indoor swimming pool, children's playground, fitness center, Turkish bath, sauna, steam room, relax room, meeting room, games room, tennis court, basketball field, mini-golf. For those who want to buy a house from an off-Plan project and settle down, it is the beginning of a brand new and luxurious life. Brand new residences will increase your quality of life with luxurious living spaces.
As EMR Real Estate family, we are building a bridge between you and reliable developers in real estate investment. We are pleased to assist you in your real estate purchase and investment process. For investors and buyers who want to buy off-plan property in Alanya, you can click on the link to review our hundreds of reliable off-plan property portfolios.