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Buying Off-Plan Property

Buying off-plan in new projects

 

An introduction to buying off-plan in new condo projects in Jomtien and Pattaya.

What exactly does off-plan mean?

This simply means that you enter a contract to purchase a unit(s) in a property development that is planned or is currently under construction. Most property developers offer some very attractive payment terms allowing you to pay a small deposit and pay monthly installments until the project is complete. Then you would be required to pay off the remaining balance upon key handover or title transfer. Buying off-plan property has good and bad points. You will have to wait some time before you can finally move in to the property, however once the property is complete owners commonly enjoy an instant financial capital increase of 15-20%. Generally you are buying the property to be delivered in the future, but secured at today’s current market price; which can result in healthy capital gains in a rising market.

This scheme is popular with professional property investors as they buy the best units early and then sell the contracts on for a quick profit.  

If buying a second hand contract you pay the investor their payments back and then simply continue the remaining payments to the developer. There is usually a small contract transfer fee and the changeover can often be completed the same day. 

You may be an early buyer looking to invest in multiple units for re-sale at profit or keeping as rental investments. You might be planning your retirement and buying a retirement home now by securing the ideal unit in your favourite project and spreading your payments affordably before you get here.  

New homes generally offer the latest designs and technology, with lower maintenance costs.

There are many reasons how to benefit from buying off-plan property.

Is it better to deal with the developer directly?      At first thought yes. In reality, NO.

Don’t I save money if I buy direct from the developer?      You may think so, but the answer is NO. 

Does this mean that developers are bad?      We don’t mean that at all, we are also developers!


We have extensive off plan development experience here in Pattaya and have the added value above other agents that we benefit from our inside knowledge from property development. There are certain things that are very important to be aware of when buying off plan property. You will be hard pressed to find a better agent to guide you through the investment process in buying off-plan property here in Pattaya or Jomtien!

If you would like to learn more about investing or purchasing in an off-plan property, please contact us now.

 

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