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BEFORE BUYING OFF-PLAN

BEFORE BUYING OFF-PLAN

WHAT YOU NEED TO KNOW BEFORE BUYING OFF-PLAN?

What is the meaning of the off-plan?

It is to buy your home before the developer has finished building it or even before construction has begun. In return, you can secure a brand-new home for a relatively small deposit, and you can have a word in the design and build. And buying a property off-plan in Turkey is alluring. Prices are lower, and the buyers are being charmed by the design and the layout of the project planned.

The one main area for properties off-plan is Istanbul. Upcoming projects are commonly in Beylikdüzü, Esenyurt, Bahçeşehir, Başakşehir, Küçükçekmece, Büyükçekmece, Pendik, Sultangazi, Kayaşehir, Fikirtepe, Kartal, Santaktepe, Kurtköy, Arnavutköy.

Is there any risk to buy a property off-plan?

Buying off-plan can be very risky or extremely profitable. It depends on where and when you do it, and which steps you take to protect yourself.

Buying off-plan property isn’t right for everyone all the time. It depends on what type of property you are aiming for. There are always risks, but they can be controlled, too.

Buying a house off-plan pros and cons?

Advantages:

– Your home will be brand new.

– It might be a decent-sized investment.

-It might be possible to have a say on the internal layout, fixtures, and fittings.

-You can choose from a variety of house types.

– You could get a good discount; namely, it will be cheaper.

– Your house could go up in value between you reserving it and moving in.

-The buying process is often simpler.

-Your home will come with a new-build warranty.

Disadvantages:

– You can’t be sure what the finished property will look like.

– If your property value changes significantly it could affect your mortgage offer.

– You could lose your deposit if mortgage issues mean you can’t proceed with the purchase.

– The developer may be able to sue you if you can’t complete the purchase.

– You may face a badly new build house.

– Your developer might go bust. To avoid this causing you major problems, you need to make sure your deposit is protected.

– The project might be delayed after the promised date.

Sources:

  1. Off-plan property: https://propertyhub.net/off-plan-property/.
  2. Buying Off-Plan: https://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/buying-off-plan/.
  3. Güncel Konut Projeleri: https://www.guncelprojebilgileri.com/istanbul-konut-projeleri
  4. Featured Image: https://www.freepik.com/

Prepared by Zübeyde Bildirici Belkacemi
Read Also Where Can I Buy a Property In Istanbul?
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