We know that buying a house is very exciting but also can be a stressful thing to do. As a buyer, you should be aware of every detail in the process of buying your place, either it is for living or as an investment.
Lots of our clients contact us asking about Under-Construction properties with the same common question:
Can I really save money buying under construction?
The answer is Yes, you can save a lot of money just by buying off-plan. From costs to great payment facilities and offers, under-construction properties come with their own list of benefits.
Here is a list of the most valuable advantages of buying an under-construction property, specifically in the Dominican Republic.
Lower Cost: For the buyers, the price is one of the most important aspects of choosing a property. The difference in pricing between a Re-sale property and under-construction property can vary from anywhere between 20 and 30%.
Buying off-plan is not only affordable but in some developments, you can also design and customize your unit the way you want it to be.
But keep in mind that buyers should check the background of the builder that they have selected.
Check with your Realtor if there are complaints about them, if they delivered their previous projects on time, how their previous constructions look after a few years, etc.
Go with a reliable developer with good background and choose wisely a good project. The price difference will surely be worth the wait.
Higher Appreciation: Since you are buying at a lower cost the appreciation is expected to be higher.
As the construction of a property progresses, its price increases too. Moreover, during this period, the development in the surrounding infrastructure also adds to the value of a property.
If you sell the property closer to the possession, you stand a good chance of earning a healthy appreciation on your capital investment.
Payment Flexibility: In the case of a ready property, the buyer has to pay the entire amount at once or within a short interval. But in the case of an under-construction property, there’s much more payment flexibility since the payment is made as the construction progresses.
The buyer can book a property by paying the reservation amount and pay the rest comfortably over a long period of time (until the construction completes).
Usually in the Dominican Republic developers have flexible payment plans that suit all client’s needs and budgets. The most common plan goes as followed:
- Reserve the unit for $5,000 USD.
- Complete 20% of the unit value in the next 30 days.
- Make a payment agreement with the developer for 60%.
- Pay the pending 20% upon delivery.
- Remember that, as a rule, it takes between 18 and 24 months to complete a construction project.
New Construction: When the construction of an under-construction property completes, you move into a brand-new home with no maintenance problems and long life. Moreover, you get to enjoy the latest amenities and facilities available in the market.
