Things To Know About Buying Off The Plan
Buying something that doesn't exist yet can make anybody nervous, so it's easy to understand why buying property off the plan can feel like stepping into unknown territory. However, there are actually a lot of benefits of buying a brand new apartment off the plan. Do some thorough research and you'll find the rewards greatly outweigh the risks. Here are a few things to consider to get you started.
There are actually a lot of benefits of buying a brand new apartment off the plan
The Development and Location
Do your research on the area you are buying into. Does it have good amenity such as schools, shops and is it close to public transport? Is there private and Government investment into the area? If it is a desirable suburb with a high median house price and good growth prospects, buying an apartment could be your ticket in.
Our tip: getting in early gives you the pick of the bunch with apartments. Register for a VIP list or make contact with the selling firm in the early stages to secure the perfect one for you.
Getting in early gives you the pick of the bunch
You Can Lock In A Price
A big advantage of buying off the plan is locking in today's market price for a property that will be completed in the future. It is effectively a buy now, pay later scenario. This can significantly benefit buyers if the property market experiences growth over that time meaning it can be a smart investment for the future.
It Gives You Time To Save
You may not be ready to refinance just yet, but in a few years you will be. Most apartment developments require just a 10% deposit, and the remainder upon settlement. This gives you a head-start in sorting out your finances, putting some savings away or selling your current residence before moving into your new abode.
Do Your Research On The Developer
Here's the big one. Make sure that the developer of the development is a reputable one. Research their past developments and find out if they ran on time, the end result was of top quality and that they stayed true to their initial promises. This will give you a good idea of what to expect.
Know Your Defects Period
A bit of peace of mind that comes with an off the plan purchase is the warranty period. During this time the builder will be responsible for repairing any faults that arise with the property in relation to materials or workmanship; which could be anything from a leaky tap to a cupboard door not closing as it should. Make sure you note down anything that you notice for the first three months after you move in so that your place will be in top notch condition by the time the warranty ends.
If an off the plan purchase is on the cards, check out some of newest offerings:-
Dane Crawford is the Director of Residential Project Marketing for Colliers International and is responsible for the inception and delivery of all developments. Dane's extensive experience in development and project marketing covers a broad base across all facets of high density development. Dane provides advice on all aspects of acquisition of master planned residential communities including large land subdivisions and high-rise apartment developments. Dane is proactive and highly self-motivated, and has forged a reputation for delivering unparalleled results whilst ensuring high quality 6 star client service. Dane is focused on leading the growth and development of the Project Marketing Team through providing diverse and integrated property services, enhancing client engagement strategies and fostering service excellence among clients.