Buying a unit of a development is an important decision, and the right time to make that purchase can vary according to the needs and preferences of each buyer. There are buyers who prefer to buy in one of the first two phases (off-plan, or during construction), but there are those who prefer to buy their property in the final phase, when the development is almost ready. This guide will help you understand the opportunities and benefits of this last phase of buying, but before that, it’s important to understand the differences from the previous phases.
Buying Off-Plan: Purchasing off-plan means buying the unit before construction begins. The benefits include lower prices and the possibility of customization, but there are also significant risks like uncertainty and long waiting periods.
Buying During Construction: At this stage, the development is already underway, offering greater security to the buyer. There might still be some options for customization, but prices are generally higher, and customization options are more limited.
Buying in a Late Stage: At this point, the development is almost or fully complete. This stage eliminates most of the risks associated with the project, allowing for a more informed purchase decision.
Advantages of Buying in a Late Stage
Purchasing a unit in the late stage of development offers several advantages that can be particularly appealing to certain types of buyers:
Certainty and Transparency: When a development is nearly complete or fully finished, you can see exactly what you’re buying. This eliminates much of the uncertainty associated with earlier stages, such as design changes or construction issues. Transparency is at its peak at this stage, allowing you to make a decision based on the final product.
Immediate Move-In: If you’re looking for a new home and don’t want to wait, buying in a late stage is the ideal choice. The unit will be ready to move into, allowing you to plan for an immediate or very near-term move.
Reduced Risk: By buying in a late stage, you virtually eliminate the risk of unforeseen issues with the development. You don’t need to worry about construction delays, cost overruns, or project failures.
More Accessible Financing: With the development nearly complete, it’s more likely that financial institutions will offer better financing terms, as the risk to the bank is also lower.
How to Make the Most of Buying in a Late Stage
If you’ve decided that buying in a late stage is the best option for you, here are some tips to maximize this opportunity:
Visit the Unit:Take advantage of the chance to visit the finished unit. Check the finishes, construction quality, and visualize what living in that space will be like.
Compare Financing: With the development in a late stage, compare available financing options. You may find more favorable terms due to the low risk of the project.
Consider Potential Appreciation: Even in a late stage, some developments have significant potential for appreciation, especially if they are located in growing or revitalizing areas.
Take a look at one of our developments that is almost finished and find the perfect unit for you!
