What is "Off-Plan" property in Phuket?
What is Off-Plan property in Phuket?
"Off-plan" property is basically buying the rights to a unit or property that has yet to be built, as opposed to buying a finished unit or property in Phuket on the secondary market.
Typically "off-plan" means buying property from a developer at the pre-construction stage. It is also common for a property developer to commence construction of a project and continue to sell units of property throughout construction while still referring to properties as "off-plan".
When purchasing an "off-plan" property, it is conceptually important to understand that the developer is assuming responsibility for purchasing land, subdivision, utilities access and basically full accountability for construction and project management. You are essentially consenting to pass responsibility to the property developer for all of these matters regarding your property in Phuket.
Some benefits to buying "off-plan" property in Phuket are that once you have purchased off the plan from the developer, the price is fixed. Buyers are given a payment plan and payments staged according to the construction progress. Buying "off-plan" can typically save the new owner between 10% - 30% off market prices. Purchasing this way gives you the opportunity to choose the best unit or location in the estate or building. Purchasing "off-plan" means that the buyer gets warranties on appliances and structure.
Buyers are sometimes able, but not always, to make changes to the unit or property as desired. Property in Phuket differs from one developer to another in what they are able to change pre-construction.
The risks with buying "off-plan" can be greatly reduced by working with a reputable developer with a good track record and strong financial backing. Other risks are that the property might differ from expectations. Another is that exchange rates might weaken during the payment plan and construction. All things considered, property in Phuket purchased this way is almost always at a savings.
For more information about purchasing "off-plan" property please call us at +66 93 606 0906.
#property in Phuket #off-plan