Off-plan properties vs. ready properties: What suits you as a buyer?
If you’re planning on buying a property in Qatar, one of the biggest questions that you need to ask yourself is this: Should I buy an off-plan property or a ready property?
Qatar has a variety of off-plan and ready properties to choose from. Check out our article below to find out which one will be the perfect fit for you.
Defining off-plan property and ready property
Off-plan properties and ready properties differ in terms of price and the development of the property.
An off-plan property is a residential or commercial property purchased from developers before it is built. Once purchased, a buyer typically makes staggered payments until the unit is completed and available.
Investing in an off-plan property also comes with a few risks. Buyers are unable to see the finished building before making the purchase. All they have to bank on are photos and videos provided by the developer.
However, developers have recently come up with better ways to entice buyers and to ensure them of property worth putting their money in. They now have interactive virtual tours that capture the entirety of a completed residence from its exteriors down to every room and space – it’s as if you were walking around the residence yourself. Giving periodic site visits to investors and buyers also shows them to what degree the construction has come. Plus, the Qatar government also has several laws that secure buyer protection.
As for ready properties, these are properties that can be occupied immediately, provided that all city or government requirements are met. Since these properties have already been built or established, you don’t need to worry about its completion schedule. However, compared with off-plan properties, ready properties are usually more expensive.
When to buy off-plan property
- If you want to buy a real estate property at a lower price
Off-plan properties are significantly less expensive than ready properties because they are still under construction. In fact, off-plan properties can go up to 30% below market value in Qatar. Most off-plan properties in The Pearl, for example, have a 20% down payment, with the remaining balance to be paid in installments and upon completion of the property. Developers also offer a number of off-plan incentives such as aggressive payment plans, unique exit options, repayments, and rent-free stays.
- If you’re looking for flexible payment plans
One of the benefits of investing in an off-plan property is being able to make smaller down payments. Many developers also offer post-handover payment plans that allow you to live in the property or have it rented out before paying it off. With an off-plan property, you can buy it immediately and continue to pay off the rest of the amount later on. You’ll also be able to organize your finances better because you won’t be burdened with a loan.
- If you want to profit from your investment
If you’re the type of buyer who wants to sell or rent the property, then off-plan is the better choice. Off-plan properties can generate high returns if they are sold or rented in a highly-desirable area and in a rapidly rising market. Some off-plan investors even sell the property before construction is completed, thus providing them a huge margin of profit.
With an off-plan property, you already have a promising investment since its market value is sure to increase the moment construction is complete. Due to this capital appreciation, you now have the opportunity to resell the property at a higher price.
- If you want to buy now
Ready properties are immediately available for sale and occupancy. This type of property is ideal for people seeking a new place to live in or for investors who want to make a quick transaction. When you buy a ready property, all you have to do is make the payment, sign the necessary documents, and move into your new home.
- If you want to physically see what you’re buying
The term itself – “ready” property – is already an indication that you will be seeing an entire property in its physical form. You don’t have to rely solely on photos, brochures or videos just to get a feel of the property. You can go to the property itself and see its interiors and exteriors firsthand. It’s also easier to get reviews or feedback on how it’s like to live there, its location, and the nearby shops and restaurants.
Whether you’re buying an off-plan or ready property, it’s always best to have a qualified real estate agent by your side. The right real estate agent will protect your interests and make sure that you get the best deals possible.
The Pearl Gates Luxury Realty would be more than happy to provide you with the real estate knowledge and assistance you need. We specialize in a variety of luxury properties in The Pearl, West Bay, West Bay Lagoon, and Lusail City.