All You Need to Know About Off-Plan House In Lagos
One major term used in real estate is the word “OFF-PLAN.” Off-plan are usually houses, not land. Off-plan is the term real estate developer uses when they are about to launch a housing project from scratch without a single building on top of it.
There is a need for you to understand what off-plan house is in Lagos so that you won’t fall under the wrong hands. Buying an off-plan house in Lagos is profitable and is the best any individual can opt-in for.
SEE THIS: 7 THINGS TO LOOK OUT FOR WHEN BUYING A HOME
WHAT IS OFF-PLAN HOUSE?
An off-plan house could sometimes be referred to as a pre-construction house. This is a house you purchase before it has been completely built.
Off-plan could also be defined as the house you buy from a real estate developer and you allow them to build the house for you. The house could be a studio apartment, a duplex, a high-rise apartment, a maisonette, and so on.
ATTENTION: Are you looking at investing in an off-plan house in Lagos? Please send a message below to get started.
WHAT TO LOOK OUT FOR WHEN BUYING OFF-PLAN HOUSE IN LAGOS?
When buying an off-plan house in Lagos, the following boxes should be checked or look out for:
- Track Record of deliverability by the company
- Check out the company list of estates they have delivered or done allocation on.
- Check out for review and open house they have done in the past if any.
- Request for the brochure of the project, 3D video, and also the floor plan of the project
- Do your due diligent and research very well about the company and the project before initiating any transaction.
- Look for a diligent realtor who can help you to monitor your offplan house.
WHAT ARE THE IMPORTANT OF BUYING OFF-PLAN HOUSE?
Buying offplan house is of great important and can never be overemphasized. For this reasons, below are the important of off-plan houses in Lagos:
1. Buying Below the Market Value:
When you buy off-plan house in Lagos, you are buying below the market value. Hence, you buy at a very low price compared to the price of a finished houses around the area.
Off-plan house come cheaper and by the time you are done building the house, you made huge return on investment on that same house you bought.
2. Timely Property Appreciation:
There is potential for property appreciation when you buy into an off-plan house. From the process of building the house to the process of completion, the house appreciates. Every single stage on the project gives the project a capital appreciation.
3. Ease in Spreading Payment or Flexible Payment Plan:
When you are buying off-plan project, you have the opportunity to spread your payment up to 12, 18, and even 24 months depending on the real estate company you are dealing with.
4. MONITORING YOUR HOUSE PROJECT:
When you buy an off-plan house, you can monitor your house from the foundation level to the handing over the stage. The handing over stage is the stage where the developer will hand over the keys of your house to you.
5. MODIFICATION OF YOUR HOUSE TO YOUR TASTE:
I love this very well and all my clients also love this. The importance of the off-plan house is that you can modify your own house to your taste. Aside from the fact that you can monitor it, you can also modify it or change any of the interior to your taste.
You can decide to make the kitchen smaller and make the master bedroom bigger. The power is in your hands. You can also adjust some parts of the floor plan if you want. But the company must be aware of all of these.
HOW TO GET AN OFF-PLAN HOUSE IN LAGOS?
You can get an off-plan house anywhere in Lagos but you have to take a look at the location very well. Remember, in real estate, location is key. Consider places like the Lekki Phase 1, VGC, Ajah, Sangotedo, and even Epe for your off-plan house.
IS IT PROFITABLE TO BUY OFF-PLAN HOUSE IN LAGOS?
YES. Buying offplan gives you 100% of your capital. Not only that, you have the freedom to modify the house to your taste with a flexible payment plan.
WHAT ARE THE ADVANTAGES OF BUYING OFF-PLAN HOUSE IN LAGOS?
Buying an off-plan house in Lagos has many advantages. A few of the advantages are:
1. Monitoring your project from start to finish
2. You can easily spread your money by leveraging the payment plan.
3. Your house is not built in a rush, you can correct any mistake you notice in the process of building your house
WHAT ARE THE DISADVANTAGES OF BUYING OFF-PLAN HOUSE IN LAGOS?
Here are the few disadvantages of buying an offplan house in Lagos:
1. INCOMPETENT ENGINEER/BUILDERS:
Not all engineers or builders are competent. This is why some buildings collapse. To avoid this, ensure you do your findings very well.
2. FALLING INTO THE HANDS OF A BAD DEVELOPER:
Not all developers are good. A bad developer will eventually have a bad company and staff. So watch out very well for the kind of developer you want to do business with. You can visit their office and also make findings how the company operates.
3. GREEDINESS:
Greediness is a disadvantage. When you buy off-plan projects because it is cheaper than the rest of the off-plan projects around the same area can cost you your entire project. Enjot you are not greedy to yourself when making decision on offplan projects.
CAN I MODIFY MY HOUSE WHEN I BUY AN OFF-PLAN HOUSE IN LAGOS?
YES. You are at liberty to modify your house most especially the interior part of your house. However, ensure the company is aware of this.
OFF-PLAN HOUSE VS FINISHED HOUSES. WHAT ARE THE DIFFERENCE?
There are differences between off-plan house and a finished house. Here are a few of them below:
1. Off-plan house is not pay and pack in but finished houses are pay and pack in:
2. Offplan House Payment is not outright. You can decide to spread payment up to 12 months or more. Whereas a Finished house is instant full payment of the house. No payment plan
3. Offplan House, the house is not ready yet so you will need to wait until the developer finish building the house. But in finished houses, the house is ready and the developer is ready to give you the key to your house.
4. In an Offplan house, you can modify the house, change the interior as you like, and have a taste of the house you want. But in finished houses, you can modify the house unless you want to break it and start building again.
Anything you see in finished houses, you have no choice than to manage it like that. But in Offplan, you can change what you don’t like.
5. Lastly, the difference between an offplan house and a finished house is that in an offplan house, you monitor the stage and the building materials that is been used. While in finished houses, you can’t do that
WHAT ARE THE PROCESS OF ACQUIRING AN OFF-PLAN HOUSE IN LAGOS?
1. Get a Reputable and credible realtor to guide you
2. Choose a reputable real estate company with track record
3. While choosing your desired off-plan house, consider the location of the estate, and the title and carry out due diligence of the estate.
4. Choose the Payment Plan that is convenient for you and stick to it. Note that 3 months and sometimes 6 months are considered outright. Also, know the interest associated with the payment plan.
5. Monitor your project. Don’t just buy and abandon the project. Ensure you visit once in a while or tell your realtor to help you visit the site.
6. Know the delivery date of the project. Ensure you know the terms and conditions as well. Request for the brochure and FAQ and go through them.
ATTENTION: Reach out to me if you want to buy an offplan house in Lagos. I will hold you by hand and ensure you get the best deal. Send a message to me below.
In Summary, buying an off-plan house is of great importance. For more details and inquiries please call/WhatsApp Peter at +234 901 509 4850 or click on the WhatsApp button on your screen.
