Thriving Off the Plan
See tips for buying off the plan from Mirvac Residential. Understand researching developers, value for money and tax depreciations for off the plan property.
Buying off the plan provides you with:
- The time to save and plan for settlement, with the added benefit of paying at today’s prices
- Access to the broadest selection of property in that particular development, before most of the development has been sold
- Greater tax depreciations are available when property is purchased off the plan or during construction. Benefits are greatest when the property is brand new so buying off-the-plan maximizes your available tax deductions
Make sure you do your research:
- The Developer: Do they have a good reputation and a track record for delivery? Do you know others that have bought from them? If so, has their purchase lived up to expectations?
- Value for Money: Do your research on market prices on comparable product in the local area. Make sure incentives offered by the developer enhance your purchase vs clouding your judgement.
- The Product: Make sure that you are comfortable with all aspects of the floor plan, whether you are buying an apartment or a home.
- Understand yours and the developer’s obligations in relation to the Sunset date clause. This clause in your contract means that if the development is not completed by a certain date, either the developer or the buyer can cancel the contract.
- Seek independent advice before making any property purchase
Planning to make your first or your next property purchase, whether it be an apartment or house and land is an exciting project.
So many possibilities, so little time.
We hear a lot of talk about buying off the plan, and while most are aware this term relates to properties marketed for sale before building construction has commenced or completed, there is a bit to consider.
Here’s some useful tips to help you navigate your way through the process.