Article by Davina Deluao
When investing in your home, you’ll want to have every detail exactly the way you’ve specified but also have scope to make adjustments and even possibly save some funds along the way. If this appeals to you then the option of buying off the plan is definitely worth considering. In this article, we’ve covered some of the top reasons why buying off the plan could be for you.
It’s not easy trying to save to keep up with the growing value of property in Australia! When buying off the plan, the total price you pay is securely locked in at the time of signing your contract. You pay the current market value of the property and not what it may be by the time you move in, which could be thousands of dollars more by the time the property is built a few months to a year or so later. Another plus is that you will only need to produce a 10% deposit upfront, not the full amount. This gives you more time to save! Set instalments are payable at different stages of the build, which makes payment less stressful and more manageable. By having the space to get organised before the settlement, you can have the peace of mind that the property is all yours, and plenty of time to organise your finances and plans while your new property is being built.
It’s strongly advised to do some research into the numerous state and federal government grants and incentives available to buyers when looking to buy property to either invest or live in. Both the First Home Owner and Homebuilder grants can assist in getting your property started with ease. To add, you could also be eligible for substantial stamp duty benefits. This will mean having the option to defer the payment or not be required to pay anything if the new home’s under a specific value. It is important to check with your local government laws or a mortgage broker to clarify what’s being offered in your particular area as concessions vary between states.
On top of existing government grants, buying off the plan will open doors to even more incentives, so be sure to ask the questions of your account and property consultant. You may be able to enjoy developer incentives and tax advantages by claiming the depreciation costs of your new home. It definitely pays off getting your foot in the door first as you’ll have the pick of the best layouts which can lead to steady capital growth. Furthermore, you may receive discounts for being the first buyer since developers will be wanting to generate interest from other clients. Investors are usually able to gain better rental yields because they can charge higher prices for new properties.
There is nothing like the experience of moving into a home that you’ve been able to put a little bit of you into. Often when buying off the plan, you’ll likely get to have your say with the colour schemes as well as some of the fittings and fixtures and even choose the layout you like best. Most importantly, you can make sure the whole space is to your satisfaction and of top quality once finished. Say goodbye to pricey repair expenses you often get when you buy an older, more established home.
New property developments will include the latest technology and meet current energy efficiency standards. The choice to buy off the plan usually means lower power bills and prioritising having an environmentally friendly home for families or tenants to enjoy. As you’ll be overseeing all the inclusions, you can plan the best way to utilise the property’s advantages and set some time to allocate the budget you’ll need if these are extra on top of standard inclusions.
If you would like more information regarding buying new and off the plan property or are wanting to get started, our friendly team are online ready to help.
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