Many potential buyers are put off by the idea of buying off-plan. Putting money down for something that does not yet exist sets off warning bells. But it need not. In fact, off-plan sales present clients with a wonderful opportunity to design and live a housing dream – not to mention a satisfying achievement for the agent.
An increasing number of buyers are in fact seeing the attractions of buying off-plan. Chief among these is simply getting a brand new home at a good price. A new, freshly built structure, designed around a particular theme, and often incorporating modern technology and conveniences. Because the structure has not been built at the time of sale, clients are able to discuss customising some of the details. Properties thus emerge as true one-of-a-kind. The outcome – within the overall theme of the development – can be enormously personally satisfying.
Tony Cashel of Harcourts Maynard Burgoyne Constantiaberg remarks that the theme and style of a development can make all the difference to the overall value proposition. This is what differentiates a given development from competing options.
To counter the perception of risk, units are often for sale at very favourable prices – these will appreciate rapidly when construction is completed. In addition, no transfer duties are payable, and banks are often willing to provide loans for the complete amount of the purchase. This is an added attraction to investors seeking rental properties.
3 Bodenzee boundary
The Bodenzee development shows this in action. Located in Capri Village in Cape Town, between Kommetjie, Fish Hoek and Noordhoek, it is themed modern contemporary, and conceived as a green living space, taking advantage of the latest technologies and the stunning natural beauty of its environment. Units will be unique, modular structures, with between two and four bedrooms, designed to reflect the buyer’s lifestyle and personality.
22 Top view of gated complex
A multi-phase project, it will ultimately incorporate a gated community – Bodenzee Close – consisting of 16 units, along with 23 larger units outside. A new road constructed through the development will provide residents with convenient access to Corsica and Corfu Avenues, and through them to Kommetjie Road.The necessary civil engineering is nearing completion.
Tony Cashel comments that the Bodenzee development is proving very attractive. “The unique thing about Bodenzee is its modern contemporary theme. People have really liked it. The other thing is the security complex and the manner in which it dovetails with the plots being developed outside of the gated complex. It’s an amazing package!”
So far, prior to the full marketing drive, five of the spots in Bodenzee Close have been sold/reserved, along with three of the available plots outside, on the south side. Eleven units within Bodenzee Close and four outside are still currently available. A further phase on the north side of the development will see 12 more plots become available.
So there is plenty more opportunity in this yet!
This article is a general information sheet and should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Errors and omission excepted. (E&OE)