What is an “Off-plan Property”?
An “off plan” property is a concept of villa, house or commercial space put on plan and sealed by an architect, and often supported by 3D rendered images, before starting their own construction. These plans are often marketed by property developers not only as a development material for their portfolio, but also letting buyers to obtain more favorable and secured financing conditions.
It is important to take a consideration in this type of property as they offer considerable savings. In fact, developers which offer their properties off-plan often offer incentives to first-time users. Buying off-plan property also represents a significant investment opportunity in today’s constantly growing market, with a development cycle of 12 to 24 months.
In addition, in Bali’s fast-growing real estate market, buying off-plan allows buyers to purchase a property at a lower price than an already built property with costs of waiting for the construction to be completed. Last but not least, buying off-plan property can be a good way to obtain a property with a specific location or freedom on certain modifications, as on the contrary this freedom is limited on a property that is already built-in.