Off-plan VS Completed Property
The amazing investment opportunities of the Koh Samui real estate market are due to the fact that it is relatively new. Its potential is huge and many investors from across the globe are attracted by the idea of buying real estate on this beautiful Thai island. If you want to buy a property here then you are probably asking yourself if you should opt for an off-plan property or for a completed one. Below we will discuss the advantages and disadvantages of each one.
The Advantages of an Off-plan Property
The best part about off-plan properties is that these have a lower price than finished properties. The reason for this is the desire of the developer to encourage a faster sale rate so that he can meet its finance requirements. After the construction begins, the prices start rising.
2.A broader choice
When you are investing in an off-plan property, you enjoy the benefits of choosing the property from all those that are available at that moment. And obviously, most of them are unsold. The earlier you invest in that project, the broader the range of available choices will be. For example, you can finally choose that penthouse with an ocean view that you were desperately dreaming off.
3.Personalize your property
An off-plan property gives you the possibility of changing a few details of the final product. You can put extra doors, move internal walls or even join two apartments to get a more spacious home.
The Disadvantages of an Off-plan Property
At the moment there is still a very large number of properties that are being sold off-plan. Even though these options have lower prices and come with more incentives, you should be aware of the fact that there are some risks associated with this decision. When you are considering buying an off-plan property on Samui, there will always be the issue that you aren’t actually seeing the completed building. Chances are that the finished property will not meet your expectations, the marketing materials or that the completion date will be delayed. You got to be prepared for all the risks, to compare the pros and cons and see if it is worth taking the chances.
How to avoid these Disadvantages?
1.Check the details
Let’s not ignore the fact that if you pay attention to all the small details implied by the purchase of an Off-plan property then you can avoid most of the risks. For example, these days the quality of computer generated rendering is amazing. Study all the building plans and the virtual images of its design. Ask as many questions as possible to the developer. These will guarantee that he fully understands your demands. Read the contract very well and make sure it is detailed and it covers all the material specifications.
2.Choose the real estate developer wisely
Do not opt for the first developer that you come across. You need to be wise and choose a reputable real estate developer that is capable of completing a property that meets your expectations. Maintain a constant contact with him throughout the progress of the construction works. Confirm with him that he sticks to the plan and that he is using appropriate building materials.
The Advantages of a Completed Property
1.You see the property before you buy it
Buying a completed property on Koh Samui means considerably less hassle than the option of purchasing an off-plan one. When a building is already finished, you can visit the available units and see in real life (not virtually) if the design, size, and orientation of the property correspond with your needs and standards.
2.It takes less time
If you are rushing to invest in Koh Samui real estate and you can’t afford to wait until a developer completes an off-plan property then your best alternative is buying a completed one. This means that as soon as you find the unit that is perfect for your requirements you can set up the final details regarding the furnishing and the next step is moving in and enjoying your new fabulous Thai life.
3.It is more secure
Even though real estate in Koh Samui has flourished at a recent pace during the last few years, you can’t exclude the risks that are associated with an off-plan property. If the developer doesn’t have sufficient funds to complete the building or if he files for bankruptcy or simply disappears then you will be facing a lot of hassle and possibly end up losing your investment. On the other hand, a completed property is a sure investment.
The disadvantages of a Completed PropertyThe main cons of buying a finished property are- the higher prices asked by the developer, the narrower options as there are only a few unsold units left and the lack of choices regarding the customization of the unit, such as moving walls or adding doors.