North Cyprus off plan property
Buying off plan property in North Cyprus
Many of our customers decide to buy off plan. The following explains the system and also highlights the advantages and precautions you should take.
The reasons for buying off plan property in North Cyprus include:
The developer at the beginning of a project prefers to sell some of the properties off plan (they have not been built yet) at a reduced price in order to improve their cash flow. As the project progresses and more sales are made the remaining finished properties are sold for an increased price. The price saving by buying off plan can be in the 25% range.
However, this requires a leap of faith on behalf of the buyer. Will the developer finish on time? Will the developer finish to the specification and standard that was promised? Will the size of the rooms be as promised? Etc.
On the other hand there are some very real advantages for the buyer. The buyer can agree a payment plan to suit their financial situation, also if you or The Homebuyers Estate agency on your behalf, have negotiated well you should end up with a property that when it is finished is already worth more than you paid for it.
So the trick if you are going to buy off plan is to minimise the risk. Make sure the developer has finished developments that the purchasers are happy with and go and look at the properties. Ideally you will be looking at a property that you very much like and you will say to the builder “build me that” with of course some changes to the colours etc. to fit you particular style. This way there is very little room for misunderstanding.
One payment method is a considerable reduction in price if you pay all the money up front. The Homebuyers Estate Agency is very much against this, the builder has absolutely no incentive to finish the building and is usually only making this offer because they have cash flow problems.
You should also be aware that one of the services The Homebuyers Estate Agency is to check the progress of the building work and advise you when the next staged payment is due. The Homebuyers Estate Agency does this by visually inspecting the building work and sending photos to you.