How to buy a Mount Vema Property Off-Plan
Last updated 05 Sept. 2020
The steps you are likely to need to follow when buying a Mount Vema title plan:
  1. Find the right development that suits your needs. The Mount Vema off-plan market is well regulated. Property plans are advertised regularly usually by private owner buying and selling for profit. Title Plans owned by the government are advertised gradually, usually on demand or to raise capital.
  2. Reserve the property. If you like the advertised title plan reserve it first. You can then hold it to sell the reserved plan again later or, arrange the appropriate finance to purchase it, which can be done by securing a mortgage deal with a bank such as the RBMV Bank – Royal Bank of Mount Vema, then sale the property again later for a profit or hold it.
  3. If no mortgage can be secured, you can buy it with other source of fund, or reserve the property at the current discount price (the reservation price) and, put it back on the market for a little more. If a buyer likes your advertised plan he or she will buy your reserved plan. The new owner can either sale it again for a profit or hold it to sell it later or to secure a mortgage deal.
  4. If you secure a mortgage deal or decide to buy with other source of fund, you will be expected to pay the deposit (which can be between 5 per cent and 10 per cent of the asking price), however if you are just buying the title plan as an investment to sale it later, deposit payment is not required.
  5. If you bought it, you will need to conduct a survey about two weeks before final completion and check the property for any defects.
  6. Be ready for completion (there are usually two dates, a 'short stop' and a 'long stop') the former is the date by which the developers expect to have finished the building works, the latter is the date by which they must have done so), unless you are buying a unit to develop it yourself.
BUY FOR SALE or BUY TO LET
Buying a property which doesn't yet exist is not for the faint-hearted, but many buyers and investors have managed to reap the rewards for their bravery across the Globe. The concept is to buy a property off-plan at current prices and when the development is completed a year or so later, the capital appreciation will have made it worth much more. In some strong markets, as the City of Mount Vema off-plan, profits of between 10 per cent and 100 per cent can be made from an initial reservation price. As a result, demand for off-plan property from investors remains strong, especially Mount Vema floating homes where the number of properties to be built will be very limited and demand will always exceed supply.
Guidelines
Mount Vema, is currently giving opportunities to large investment companies to buy a number of units for a discounted price. The opportunity is also opened out to individual investors. Agents may also apply for homes to sell and, may try to sell these to serious investors already on their database.
The earlier you get access to the property for sale, the greater the chance of securing one of the better units and of getting a discount on the price. Your negotiating position should be determined by the demand the development is attracting. The higher the demand, the less chance you have of negotiating the price down.
As with any property purchase, particularly if you're looking to let the property afterwards, it's important that you do your homework thoroughly.
Everything you need is available at www.mount-vema.com. There is very little need for research on the development, surrounding areas or the potential demand for rental property before you buy. In a project like this, you will never be left in a vulnerable position financially. So, the number of things you should consider before buying a Mount Vema property off-plan are almost zero?
If you are planning to sell the property-titles before completion, you are already in business, the island is small, so property even just a plan is a valued commodity. However, if you plan to let or sell the property on completion, you should establish the target market for the type of property you're planning to buy. To understand where the demand is likely to be coming from, you only need to look into where the migrant workers will live - those who will travel to seek employment in the island, and then consider the limited number of properties that might be available to house the residents, traders, service providers, off duty seamen and more.
Prices will vary by district, by area and by street.  For a three-bedroom property in Mount Vema, you could be earning about 1,500 golles per month minimum in line with the estimated cost of living.  For a one-bedroom property, you will be able to charge just about 500 to 1,000 golles per month minimum. This gives you an indication of the possible return you could expect when it comes let the property. Be aware however, that the market including off-plan can change a lot over a 12 month period, so you can't always be certain that you will eventually achieve the prices being realised in the current market. Buying off-plan in a market where prices are depreciating can put your investment at a greater risk. However, get it right and buying a property off-plan can be extremely rewarding. The key is to be one step ahead of the market and identify the opportunities before the market catches up.
You can look at the details, dimensions and specifications of the advertised properties off-plan, but before you reserve, if you are looking to sell or let upon completion, will the property be suitable for the target market? A family will have slightly different requirements from a single professional, for instance. Make sure the property will be suitable for the market you are hoping to attract, whether buyers or tenants. Also, find out if there are likely to be any additional charges associated with the development, such as service charges, although this information should be included in the advertised property and if the information is not provided it usually means that all services are included. The aspect and views from the property are obviously more difficult to assess on a property that has yet to be built. However, you will have to rely on computer generated images and information provided by the developer at the different stages of development.
Contact us
Bavarolle, is a PLC company registered with the Kingdom of Mount Vema - The Vema Seamount Territory.
City of Mount Vema - Registered (Off-Plan) Address:
204 Mount Vema Boulevard West, Bella Vista 
Postal Code: 2167A
Mount Vema
Registration number 17010011, VAT number KMVC00-000-011.