Buying a property before it is built usually means lower prices and flexible payments. However, there are several costs to keep in mind from the beginning to the end of the process. If you are looking for JVC off plan projects, each stage may have different charges depending on the following factors.
Initial deposit:
Most developers ask for an upfront deposit to reserve the property. This is usually between 5% and 15% of the total price. The deposit is often non-refundable, so buyers typically make this payment only after reviewing all project information and legal documents.
Staged payments during construction:
After the deposit, the remaining amount is divided into scheduled payments based on construction progress. These instalments are tied to milestones such as foundation work, structure completion, or final finishing. Payment percentages and timelines differ between projects. A payment plan is usually shared in advance, giving buyers a clear idea of how costs will be spread out.
Final payment on handover:
Once the property is completed and ready to be transferred, a final payment is made. This is usually the largest instalment and can range between 30% and 50% of the total price, depending on earlier payments. Handover payment is compulsory before taking possession or moving ahead with rental plans.
Registration and legal fees:
Legal costs include registration charges, title deed fees, and any mandatory government levies. These fees vary by region and are usually calculated as a percentage of the property value. Buyers also cover the cost of legal services if they hire a solicitor to review contracts or handle paperwork.
Service charges and community fees:
Many off-plan projects include shared amenities such as security, cleaning, or landscaping. These are maintained through annual service charges. The amount is usually estimated by the developer during the sale and paid either at handover or on a yearly basis.
Mortgage and financing charges:
If financing is arranged through a bank, additional charges may apply. These can include processing fees, valuation costs, and interest payments depending on the financing plan. It’s also possible that the final approved loan amount is adjusted if the property’s market value changes by completion.
Agency and administrative costs:
In cases where agents are involved, a commission or fee is added. Some developers also charge for document handling or administration. These are usually one-time payments but should be reviewed as part of the overall agreement.
