Are you looking to invest in real estate but unsure where to start? You might have heard of off-plan properties or new development projects. In this article, Realestate.com.kh will provide a comprehensive overview of an off-plan investment, its benefits and risks and finally where to find reliable projects.
What Is An Off-Plan Property?
An off-plan property refers to real estate that is sold before construction has begun, or while construction is still in progress. The concept of off-plan property is based on the idea that buyers can secure a property at a lower price than if they were to wait until it is completed. Off-plan purchases are popular with investors and homebuyers alike and Cambodia is no exception.
Benefits of An Off-Plan Property
The benefit of the off-plan property for investors and home buyers is that purchases can benefit from capital appreciation. As the property is being built, its value may increase, providing the buyer with an opportunity to make a profit if they choose to sell before completion. This is particularly true in areas where property prices are rising rapidly, and in areas where there is a high demand for new housing. In addition, early buyers of off-plan projects have the opportunity to customise their property to their liking. This can include selecting finishes, fixtures, and appliances, and making changes to the layout and design of the property.
Risks Of An Off-Plan Property
Despite its many advantages, the off-plan property does come with some risks. For example, there is always the possibility that the development may be delayed or even cancelled, leaving buyers with a property that they cannot occupy or sell. Additionally, upon completion, the unit may not resemble the show unit or plans that compelled you to buy the property. It is always advised to do your research and work with a local property advisor to help you navigate the property market. Ensuring you buy from a trusted developer with a track record, is highly recommended.
It is preferable to have pre-agreements with the developer prior to signing your Sales and Purchase Agreement (SPA), Typically buyers will have 20 days between booking the unit and signing the SPA, and you should always consult with your local property advisor when reviewing property purchase-related agreements. Additionally, we recommend considering seeking legal advice.
To read more in detail about the process of buying off-plan property click here.
In conclusion, the off-plan property can be a great investment opportunity for those willing to benefit from:
- Low prices,
- Customisation options
- Potential capital appreciation.
If you are interested in exploring off-plan properties available in Cambodia. You may visit realestate.com.kh, which collaborates with all the licensed developers operating in the market to find reliable projects.
If you are looking to find a reliable project in Cambodia, we make it easy for you