Growth in buying off the plan

Buying property off the plan has grown to its most popular levels as of today with purchasers in all age groups getting involved.  The increase in off-the-plan sales has been driven by demand to secure the best new apartments.  

Buyers like the ability of getting exactly what they want rather than adjusting their vision to an existing apartment or going through costly and timely renovations. 

Buyer’s preference is to get in early to get the best choice of the bunch and preferring reputable developers with good track records that settle on time.  

Getting in early allows buyers to study the available floor plans and plates to choose whether they want the biggest outdoor area and aspect they desire.  

It also allows buyers to not have to settle between 18 months and four years for some developments and they can continue saving towards their goal. 

If plans change and purchasers can no longer proceed with the purchase there is the added flexibility of selling their interest to someone else. 

Different buying groups seek different benefits in buying off the plan; older buyers look to downsize from their traditional family home, young buyers appreciate the ability to save up for a deposit and get the first home buyers grant while investors like depreciation and stamp duty deductions.  

Often buyers are able to purchase additional properties within a short period of time by using settlement time to continue to save and if the property experiences capital growth.  

 

Reasons to buy new

  • The beauty of a brand new home speaks for itself 
  • Modern designs now maximise space, lighting, storage and offer balconies
  • First home owners grant and stamp duty savings available in your state 
  • Ability to capture capital growth while waiting for the property to be built if the market is rising
  • Choice of having the latest technology and finishes with low strata fees or opting for living with resort-style facilities 

What to look out for

  • Ensure you choose a quality developer and understand their past projects
  • Check if your prepared to pay the level of owners corporation fees  for the facilities provided 
  • Understand council plans for the area to check if current views may be built out by another development
  • Understand the bylaws of living in the project such as whether pets are allowed
  • Avoid one stop shops where conflicts of interest can arise 
 
Published on 5th of September 2014 by Michelle Leftwich
Michelle Leftwich
Michelle Leftwich

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