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Why you shouldn´t write off the option of buying off-plan property in the Algarve

Why you shouldn´t write off the option of buying off-plan property in the Algarve

Buy used or buy new, that is the question. Some people can be a little nervous to buy off plan, mainly because they don't really know the facts and the background about an individual developer or the whole process. Ultimately, it's one of the best decisions you´ll make, especially when you have done your homework and learned how to make the most of your purchase. Read on to learn all about how this can be the best decision you make.

What is off-plan property?


In the simplest of terms, this is a property that is in the process of being built. It may seem risky to some, but to others it becomes the opportunity of a lifetime. 


Are there benefits to buying off-plan?


Yes! There are many benefits to buying property that is still under construction, namely

  • Pricing - Take advantage of lower rates, if you wait until completion, you´re looking at at least a 10% increase in price
  • Payment - if you´re buying something that won't be ready for some time, you can ease into paying for it. Normally you will have to put down 15 to 20% to secure your property and the remainder is only due on completion 
  • Make it your own! When you're buying something that is in the process of being built, there is always a little leeway to personalize it and make it more you. From picking out a specific color tile, to a bigger bathroom cabinet… most developers are happy to add little tweaks
  • Quality - buying something new means you´ll have the latest appliances and materials, and special touches like underfloor heating and air conditioning to make your life more comfortable. New builds are also very energy efficient, so you´ll save quite a bit on your monthly bills!



How to do your homework and make sure things run smoothly


As with all big decisions, planning ahead and doing your research is key! 


  • Talk to your real estate agent - relying on the experience of your agent is one of the best ways of ensuring you buy the right property. Agents are happy to point you to the best options based on track record. There are few if any agents that will want to get you a bad deal.


  • Safeguard your investment - a reliable developer will likely be able to offer you a bank guarantee should there be any issues. Again ask your agent, as they are happy to help protect your investment.


Are you looking for a team who can get you the best off plan properties? Contact us at Ideal Homes!