In our article, we will discuss the advantages and disadvantages of buying off-plan properties vs ready-to-move properties. As a result, you will be able to make an informed decision and purchase whichever one is right for you .
What is an off-plan property?
Off-plan properties are dwellings which have been constructed but not yet move-in ready. You can purchase a property before it is built and enjoy a low deposit. The degree of completion will vary depending on the developer, but usually you can find out what stage of construction the property is in when you search for it.
Pros and Cons of Buying an Off-Plan Property
Buying an off-plan property has many advantages. The cherry on top is that the initial investment is much smaller than it would be for a ready-to-move property. You will also get to choose the floor plan and other features before the construction even starts. However, there are disadvantages to buying an off-plan property as well. These include risk of developer bankruptcy, uncertainty around whether your building will ever get approved, and poor relationship with developers that can result in delayed completion of your project.
What are Ready-to-Move Properties?
Ready-to-Move properties are those that have been completed and are ready to be moved into. They can sometimes include home furnishings, so they might be a good option if you don't want to spend as much time working on your new place as you would with an off-plan property.
Pros and Cons of Buying a Ready-to-Move Property
Ready-to-move properties are more expensive than off-plan properties.
They are only on the market for a short period of time before they are ready to be moved into.
If there are any problems with the property, you will have limited time to report them to the seller.
Summary
Buying off-plan or ready-to-move properties is a common decision for investors, but there are pros and cons to each one. The key is to find the right property that meets your needs, no matter if it is off-plan or ready-to-move.
At Larimar International, our luxury property experts specialist in guiding you towards the right investment option that are aligned to your objectives. Whether off-plan or ready-to-move properties, you will be sure to get the most value and expert insights on the property market, neighborhood, and the overall purchasing process. Get in touch with our experts today to move forward on your next financial move.
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