5 Things to Know About Buying Off the Plan
Being able to lock in a price for your off the plan home, having extra time to save a deposit and more, learn about the benefits of off the plan property.
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's 5 things to consider to get you started.
1. The Development and Location
Do your research on the area you are buying into. Does it have good amenities such as schools, shops and is it close to public transport? If it is a desirable suburb with a high median house price, buying an apartment could be your ticket in. Check where in the complex your apartment will be located, and if it has a good view, away from traffic noise and is easily accessible.
Our tip: getting in early gives you the pick of the bunch with apartments. Register for a VIP list or make contact with the developer in the early stages to secure the perfect one for you.
2. 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. This can significantly benefit buyers if the property market experiences growth over that time meaning it can be a savvy investment for the future
3. 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.
4. Do Your Research On The Developer
Here's the big one. Make sure that the developer of the complex 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.
5. 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.
Mirvac acknowledges Aboriginal and Torres Strait Islander peoples as the Traditional Owners of the lands and waters of Australia, and we offer our respect to their Elders past and present.
Artwork: ‘Reimagining Country’, created by Riki Salam (Mualgal, Kaurareg, Kuku Yalanji) of We are 27 Creative.