Off-plan or ready made

[dave99]

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Off-Plan - or Ready Made property ?
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Why would anyone take the risk of buying off plan when they can buy something that is just about complete ??

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[mtrtnik]

I as investor like off-plan a lof. I put only fixed ammount of money and not everything and until prices will rise I think this is best solution for making money. If you pay only 50% for example and price goes up for 5% you are actually getting 10% rise. It's almost you'd be using leverage on stock market Of course from view of holidays I'd prefer ready made property. Also I think until prices will rise at current stage it won't be possible to make more money with renting property than reselling.

 

[realestatemart]

Depends

I think it depends on you and yourpoint of view of purchasing?
Are you purchasing for Investment? are you purchasing for only holiday home?
Also it depends do you have the sufficcient budget to buy the property? or you need the payment to be done through parts and instalments??
many things you have to think about it then you can decide?
Regards

 

[Lsab]

For us, because we're investing rather than planning on living there, it's always off-plan. I suppose there could be a risk buying this way but a minimal one if you do your research. We chose off plan because the stage payments suit us and because we hope to see a good capital return on our investment once the development is finished. I read somewhere, maybe on this site, that Europeans/Scandinavians generally prefer to buy a completed property so that those of us who buy off plan, might have a ready market when we come to sell. I know that we Brits are failrly new to Hurghada but it's my understanding that Europeans etc have been buying there for a while. We're not banking on them to buy when we're ready to sell but it's an extra point to add to the exit strategy list!

 

[dave99]

How long between buying and finishing is an acceptable risk

For us, because we're investing rather than planning on living there, it's always off-plan. I suppose there could be a risk buying this way but a minimal one if you do your research. We chose off plan because the stage payments suit us and because we hope to see a good capital return on our investment once the development is finished. I read somewhere, maybe on this site, that Europeans/Scandinavians generally prefer to buy a completed property so that those of us who buy off plan, might have a ready market when we come to sell. I know that we Brits are failrly new to Hurghada but it's my understanding that Europeans etc have been buying there for a while. We're not banking on them to buy when we're ready to sell but it's an extra point to add to the exit strategy list!

How long between buying and finishing is an acceptable risk period.

6 months - 1 year 2 years - longer ??

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[Lsab]

I wouldn't want to go much longer than 2 years. Having said that the studio we're buying in Dubai is over a year overdue. We're only not worried as it's happening to lots of others and they're all gradually getting keys. We've lost out on a years rental but on the plus side, we've seen excellent capital appreciation. In the end we're at the mercy of the developer as we're the ones that lose out if we pull out. It hasn't put us off buying off plan though - we've just learned more!

 

[queenie40something]

When we 1st looked into buying at Sharm we wanted something that was ready or a re sale property.
The problem we found was that the prices were that much higher so we decided to purchase off plan.
We bought in late October last year and the apartment should be ready at the end of this month so we have not had very long to wait.
The whole developement is scheduled to be finished around October time.

 

[lyndsay552]

The properties we bought where a complete mixture.

Regency Towers was only a few months from completion and it was great to be able to go into the apartment before making a decision. Not sure how much cheaper the apartment would have been if we had bought it off plan. But its great to know that we will be able to use it within an few months. It also means a shorter time until it is making money for us.

The second was Oasis Resort, which was 9 months from completion but again we could go into the apartment. We missed out on the big discounts but negotiated our own discount.

The third was off plan and as such got good discount.

So there are definately advantages to each way of purchasing your apartment. It just depends on your own situation.

 

[dave99]

Only bought three so far !!!

The properties we bought where a complete mixture.

Regency Towers was only a few months from completion and it was great to be able to go into the apartment before making a decision. Not sure how much cheaper the apartment would have been if we had bought it off plan. But its great to know that we will be able to use it within an few months. It also means a shorter time until it is making money for us.

The second was Oasis Resort, which was 9 months from completion but again we could go into the apartment. We missed out on the big discounts but negotiated our own discount.

The third was off plan and as such got good discount.

So there are definately advantages to each way of purchasing your apartment. It just depends on your own situation.

Wow - you've bought three already.

I assume that you have them in different names to avoid the legal stuff.
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I suppose you could not beleive how cheap there are !!!.

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[realestatemart]

The properties we bought where a complete mixture.

Regency Towers was only a few months from completion and it was great to be able to go into the apartment before making a decision. Not sure how much cheaper the apartment would have been if we had bought it off plan. But its great to know that we will be able to use it within an few months. It also means a shorter time until it is making money for us.

The second was Oasis Resort, which was 9 months from completion but again we could go into the apartment. We missed out on the big discounts but negotiated our own discount.

The third was off plan and as such got good discount.

So there are definately advantages to each way of purchasing your apartment. It just depends on your own situation.

You was so clever Lyndsay in your choice

 

[lyndsay552]

Wow - you've bought three already.

I assume that you have them in different names to avoid the legal stuff.
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I suppose you could not beleive how cheap there are !!!.

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No need to worry about the legal stuff as we are only registering them with the local court. Just means we will have to re-register them every three years but means that there is no restriction on the number of properties.

Yes, we've bought three. We got three very different properties and they all have good and bad points. At one point we where nearly buying more but the reality hit home!!

Lyndsay

 

[dave99]

What sort of discount to expect for off-plan

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Off-Plan - or Ready Made property ?
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Why would anyone take the risk of buying off plan when they can buy something that is just about complete ??

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How big does that discount ave to be to get you take that extra risk of buying before there is even a hole in the ground.

10% - 15% - 25% or what

Does it matter how long before the project is completed ?

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[dukeofmodena]

Off-plan or ready plan

Hi,
Can anyone who has bought off-plan in Egypt give me their true recommendations/or not, of their experience there? Seriously thinking of investing...

 

[Lsab]

Hi,
Can anyone who has bought off-plan in Egypt give me their true recommendations/or not, of their experience there? Seriously thinking of investing...

Good morning Duke and welcome to the forum,
I think I can safetly say that most people here have bought off plan and if you go to any of the dedicated development threads you'll find literally hundreds of posts about their experiences. Many are on the first page but look through for other examples e.g.

http://www.totallyproperty.com/egypt-property/6412-regency-beach-pictures-update.html

http://www.totallyproperty.com/egypt-property/5219-sierra-resort-nabq-pictures-info-updates.html.

Try also:

http://www.totallyproperty.com/egypt-property/6169-so-where-have-you-purchased-egypt-why.html

We bought in Dubai originally but it was the information on this site that gave us the confidence to buy in Egypt. Several members like yourself, are new to Egypt many have bought more than one property in more than 1 development!

This thread could give you an interesting overview as could the two beneath it.

http://www.totallyproperty.com/egypt-property/4430-will-hurghada-have-oversupply-beds.html

Please have a good look around and if you have any questions whatsoever, just ask

 

[dave99]

Get your mind clear about what you want before progressing

Hi,
Can anyone who has bought off-plan in Egypt give me their true recommendations/or not, of their experience there? Seriously thinking of investing...

PLEASE do not get caught up in a mad rush to buy something just because it looks simple and you think there's easy money to be made.

Make a list of what you would like and give everything a priority and set a budget that you can live with - DO NOT Borrow just to be able to buy something just a bit bigger or better.

Biggest decision is maybe do you like Egypt and a specific location enough to be able to stay there on a regular basis, such as Hurghada.

If you've never been then you have to be there "feel it" before any decisions are made.

Do your homework, meet agents / developers in the UK if possible before you go, get a short list of places to see (maybe 6),spend a week out in Egypt and see them all.

Buying off-plan is just about the norm, so as long as you do NOT rush into anything, & check the contracts etc, you should be OK.


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[Emu49]

If you are really worried, just buy ready made. Check out the link below. Really nice apartment and I think the price is similar to an off plan one. http://www.totallyproperty.com/egypt-property-sale-egypt/6587-oasis-1-apartment-sale.html It was posted just today.

I think that what you must look for is to make sure that you can register the apartment. This is the only way to be sure 100% that everything is in order.

 

[realestatemart]

If you are really worried, just buy ready made. Check out the link below. Really nice apartment and I think the price is similar to an off plan one. http://www.totallyproperty.com/egypt-property-sale-egypt/6587-oasis-1-apartment-sale.html It was posted just today.

I think that what you must look for is to make sure that you can register the apartment. This is the only way to be sure 100% that everything is in order.

Many other good ready properties are available

 

[RedSeaVision.com]

There are well over 40 developments in Hurghada. One is sure to have what you are looking for.