Buying New Florida Property / Buying Florida Properties Off Plan

Buying property off plan in Florida is the process whereby a choice of house styles, and even the location of the Lot upon which the property is to be built, is made available to the potential buyer even before the foundations have been laid - the best of both worlds!
Builders will invariably release lots on a gradual basis to assess the demand, and properties purchased pre construction, particularly in a strong market, can be a real bargain, as Builders will often discount prices to get cash into the Bank before building commences.

New Communities are built by one or sometimes a number of different builders offering their own "brand" of property. Buying a home pre construction often gives the buyer the opportunity to choose from a selection of internal specifications, and to possibly add any available upgrades such as a spa or, for example, to have a bonus room added. The home is not custom built but the new Owners do get the opportunity to personalise their new Florida property.

There is also freedom to select from a number of Lots - this can be particularly important when buying a rental property as it is likely that a Lot which takes advantage of Florida's year round sunshine would be the most favorable. A south facing Lot or a Lot overlooking water or conservation will very likely carry an additional premium but they will still be popular, so getting in early will offer the widest choice.

However, on the "plus" side of buying a Florida property off plan, is once you have chosen your Lot and have paid the holding fee (usually $5,000 but this may vary from Builder to Builder) and the deposit has been arranged, the agreed price of the property is held throughout its construction regardless of any interim increases. It is this element that attracts investors - the balance of the purchase price is only paid upon completion of the property which can take 6 - 12 months, and by that time there has often been significant capital growth.

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