Choosing Off Plan Property

Off plan property developments are often made up of 10, 20, 50 or even 100 individual units. These units may be flats, apartments or houses, but whatever they are they will have a lot of similarities and very few differences. The question has to be then how do you choose the unit that will make you the most money, and what aspects of the off plan property should you consider that will ensure it rents successfully?

 1. The property location within the development

 Major off plan property developments are often completed in several phases. This is a good thing when it comes to buying as you can often get a hefty discount on the purchase price by buying a property in the first phase. The downside however is that your tenants will be required to live on a building site to a certain degree while subsequent phases are completed.

 With this in mind you need to consider where about on the development your off plan property is located, and especially if it is a part of the first phase. Is it tucked away in a quiet corner or is it close to the construction work? If the area is going to be noisy for an extended period of time you might need to reduce the amount of rent you ask for it until the development is complete.

2. The view 

Most tenants appreciate a nice view from their rental property but not all off plan property units within a development will offer this. Properties, and especially flats and apartments, become much more desirable if they have a nice view so make this a priority when choosing your unit. You might also want to consider which direction the property faces i.e. does it get a lot of natural sunlight, and which side of the property the garden is on (if there is a garden).

3. The layout of the property

Even though most of the off plan property units on a development will look virtually the same there will be a few individual ones. You need to look for the individual characteristics and decide if they will make your unit more desirable than all the rest. For example, one off plan property may have a slightly bigger kitchen whereas another might be in the corner of a large building and as such it might have larger windows. Choose a unit that has something tenants will want and when the time comes you can use this aspect as a marketing tactic.

4. Added Extras

Occasionally off plan properties come with added extras, such as an additional parking space, the stamp duty paid or a rental guarantee. If none of the properties on a development have something extra try haggling with the vendors. An extra parking space for example will make your unit much more attractive than most of the others on the development, and if you get it for free so much the better.

 In conclusion

Off plan property developers will allow you to visit several property units before deciding which one suits your needs best. Take advantage of this opportunity and try to find a unit with a few differences that will ultimately make it easier to rent out in the future.