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  • Buy-to-Let

    Buying off-plan a good strategy for newbie?

    Why buy off plan with all the risks attached. Just find a good property already built and buy it. Off plan buying is for suckers as they are usually over priced and carry many risks.

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    Hi Douglas, thanks for your messages and I appreciated it very much. Yes, I agree with you the price now for the Off-plan seems all over priced, despite those developers all claim that investors are buying with discounted price, but in reality it is not true. Anyway, thanks for sharing your opinions. Smile

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    One of my best buys was off plan, the market was subdued like now and the project nearly complete. It was end of financial year and if I could have bought more I would have. These were rare seafront properties, most who don't like them live in over developed northern cities. It went up 40% in 6 months as I got the best price there, the drawdown really boosted my plans, this was 2014 btw.
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    There will always be those that have done well with such deals but you are part of the very few and again it very much depends upon current economic conditions and where there the properties are.

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    You can make money on an off-plan deal in a hot market when you fix the price and sell on a couple of years later just before completion at a higher price. 

    Otherwise new build flats are not good deals, they are like a new car, you drive them out of the salon and they depreciate 20% immediately.
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    Also, there is a prevailing view that houses are better investments. This is not true. Flats are cheaper to buy, easier to rent, will have less wear and tear and cheaper to maintain. 

    You will of course have service charge to pay but don’t be silly to buy a flat with a high service charge. One of my 1 bed flats in London has a monthly service charge of £56. I would never be able to maintain a house for that price. 

    Your ROI will be better with a house.
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    HI Adribadri, thanks for sharing your opinion and experience. Smile

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