Fancy Investing in off plan property?
One popular method of investing in property abroad is buy buying property off plan or in other word buying real estate at the pre construction stage. Lower property prices, favorable exchange rates, tax incentives can make this type of investment very appealing.
Buying a property at the drawing board stage or pre construction can be very rewarding. It is possible to be an armchair overseas property investor and have no intentions of visiting the region. Property developer’s need the extra finance and can give some impressive incentives. Getting in early on a development can mean instant equity or profits once the property is completed
With all types of investment there is an element of risk I would always try too minimize this risk by thinking of an exit strategy. Who would buy my investment property if I cannot afford to keep the property? The best exit strategy includes the ability to sell to local and international buyers.
Useful Off Plan Property Resources
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April 29th, 2008 at 9:33 am
Due diligence….and exit strategy are of the upmost importance, as said by the author. What is the developers history of delivery and also what do their previous off-plan buyers say about the attention to detail and finish of the developers completed projects?
I also recommend considering a whole building ie a block of apartments or two semi detached villas together to achieve better bartering power on price(if the budget can cover the costs).
Pay slowly after you have checked works at each stage (or use a solicitor to do this for you).
Further to the authors recommended list of off-plan investments, as the developer of Caglak Marina Apartments 2, Id be interested to hear from parties interested in bulk purchases off-plan on this development - advertised on Homesgofast as single units from £25,000 to £47,000. Caglak Construction Ltd was established in 1987. http://turkey.homesgofast.com/properties/2-bedroom-apartment-southfacing-with-very-large-balcony-and-communal-pool-for-sale-marina-road-didim-P2352417/