When you’re looking to buy a home or invest in a property, there are plenty of different options to consider, one of which is off-plan properties.
Off-plan properties offer a unique experience for both new homeowners and investors alike, giving you the chance to purchase a completely new property. But what exactly are the benefits of buying a property that’s still under construction? Well, there are quite a few.
To help you narrow down whether off-plan is right for you, we’ve got seven benefits of buying an off-plan property for you to explore here.
One of the best benefits of buying off-plan is that you get first choice on the specific apartment you’d like.
When you buy an off-plan property, you’re involved in the development before too many people have had time to put their name down for a lot. As such, there’s usually a much wider range of properties available for you to choose from.
With such freedom of choice, you can explore where each apartment is located in the building before settling on the one most convenient for you.
EXPERT TIP: Consider what floor you’d like your apartment on – lower levels provide ease of access, go higher for scenic views.
When you buy off-plan properties, there’s typically a bit of a wait between signing the papers and collecting your keys; this offers you plenty of time to prepare.
While you wait, you can start packing up your belongings and arranging plans for moving them from your old home to your new one. Plus, if you need new furniture, you have time to find the pieces you like.
Another benefit of this downtime between contract signing and moving is that you can see out your existing rental contract first. By doing it this way, you avoid paying for an apartment you aren’t living in.
Buying off-plan means you can get involved in the building process by letting the development team know of any customisations you’d like them to consider.
While not all personal choices can be honoured, such as costly fixture upgrades, some developers are happy to arrange smaller customisations like paint, finishings, or tilings. What’s more, you may even be able to hand-select the type of kitchen you’d like fitted.
For more expensive upgrades, many developers will fit these for you, provided you pay for the necessary parts.
EXPERT TIP: Always check in with your developer before making any purchases, as the building works may already be past that point, or they simply may not offer such personalisation.
If you’re looking for an investment opportunity, buying an off-plan property is a great one to consider.
As construction goes on, development properties can increase in value. Once the building is finished, there’s likely to be another increase. For older homes, you usually have to put a lot of work into the property yourself before you see a profit.
As such, a benefit of buying off-plan properties is that you may be able to sell the property for a profit, without having to wait too long for upgrades.
Another benefit of buying an off-plan property is that you will be the very first person to live in the apartment or villa.
When you purchase a property that’s already been lived in by a previous owner or owners, there’s usually damage to repair or personalised aspects that don’t suit your taste.
However, none of this is an issue with an off-plan property, as no one has lived in the residence before. As such, you get the unique experience of being the first ever owner of a brand new house.
An off-plan property allows you to see exactly what the property layout will look like once completed, meaning you can get started on interior design earlier.
While you may not be able to see the exact lot you’re buying, there’s usually a show flat you can take a walk around to start developing ideas of what your home will look like. Seeing the design lets you get to work on choosing paint colours, decor, and furniture.
Once you know how you’d like the property to look, you can start purchasing essential furniture and ornaments, ready for when you can move in.
One of the best benefits of buying an off-plan property is that you get the truly unique experience of being involved in the development of your home from start to finish.
With most places, you’re simply moving into a property that was designed and built decades ago, with plenty of people living in it before you. While this does have its own benefits, an off-plan property gives you oversight of the whole process.
You can watch as the walls, fixtures, and design of your new home are pieced together by expert developers and builders. Then comes that final rewarding moment of opening the front door on your brand new home for the first time.
Buying off-plan means purchasing a property that is currently under construction or may still be in the design stage.
Often, off-plan properties are apartments or houses, though you can find some off-plan villas available to buy in Cyprus, too.
As the property isn’t yet completed, you’ll be shown drawings or developed documents of what the property is expected to look like. From here, you can choose whether the property looks suited to your needs.
If the construction has already started, you may be able to visit a showroom which replicates what the other lots on the site will look like.
Choosing an off-plan property has plenty of benefits, as we’ve just discussed. But is it truly right for you? Let us help you make the right choice.
Off-plan properties are ideal for people looking to make an investment purchase, as the capital growth rises during the construction phase. You can buy the lot while it’s still in development, then sell it for a profit once it’s completed.
If you’ve got a lot of flexibility on when you move into a property, then an off-plan home might work for you. As they’re still being constructed, you won’t be able to move into the property right away, but if you don’t need to move immediately, off-plan could work for you.
Finally, if you prioritise choice and personalisation in a property, then off-plan is one to consider. As some fixtures are still being put together, there’s an opportunity for you to get in early and put your own personal stamp on the property before you move in.
Off-plan sounds right to you? Explore our development properties across Cyprus, whether it’s our Ivy City Residence in the vibrant town of Paphos or the more contemporary Parkside.
If you’re ready to explore investment opportunities in the Cyprus property market, then our team is here to help.
With over 30 years of experience developing and selling apartments across the country, you can trust us to provide expert advice to guide you to the right property for you.
Give us a call on +357 7000 8188 or click the ‘contact us’ button at the top of this page to fill out our contact form.