Buying property off the plan has never been as popular as it is now, with purchasers of all ages responding to much more sophisticated forms of marketing, selling and delivering the product.
The increase in off-the-plan sales has been driven by demand.
It's a secure way to buy a new apartment in what's a popular market segment with limited supply.
The advantage of buying exactly what you want, rather than having to compromise on existing property is now properly understood.
People are keen to get into a project early so they can choose the pick of apartments off the plan, rather than waiting until it's built and then just buying what's left.
It allows the opportunity to secure a property without having to settle for between 18 months to potentially four years for some developments.
You can study floor plans and floor plates and research everything and know you can have the best, like the biggest balcony or the sunniest garden, and what suits best. It's about having a bit of control, and knowing the timing.
When life throws up a curve ball, such a purchase can give more flexibility. If a buyer is suddenly transferred to another city, they can sell their interest to someone else.
We've found younger people and investors comfortable about buying off the plan for a while, but the more mature demographic, who traditionally shied away from that form of purchasing, are now coming into the market.
Five reasons to buy off the plan
1. If you think that new car smell is heavenly, just wait until you breathe in the air of your new, never-before-lived-in home, and admire the gleam of the new appliances, the virgin walls and the pristine floorboards, carpets or tiles.
2. Provided you buy well, it can be cheaper than buying an existing property, as well as savings on stamp duty and grants for buying new.
3. The design of new apartments and townhouses has improved hugely since the days of cramped, dark interiors with wasted corridor space, little storage and no balconies.
4. If the market is rising, the value of your apartment might have soared by the time it is finished and you have to pay for it – after saving for the two years of construction – and move in.
5. You get the latest in technology and finishes that may keep strata levies down, or great resort-style facilities that may mean you never have to leave home for entertainment again!
Five things to look out for
1. Check the developer. Look at what buildings they've developed before. Make sure there have been no problems and do the same due diligence with the builder and architect.
2. Look at the local plans and phone the council to make sure any open space is not zoned for another development.
3. Make sure the estimated levies are realistic to pay for the services and facilities promised. You don't want the levies to go up when it is discovered the bills are higher than predicted.
4. Avoid one-stop-shop situations where the developer, strata manager and building manager are the same company. When conflicts arise, you need someone on your side.
5. Read the proposed bylaws to ensure they suit your lifestyle. There is no comeback, for example, if the real estate agent told you it was pet-friendly, but the bylaws ban animals.
If you have a question or would like to know more about buying off the plan join us at our next seminar or contact me directly, I would love to talk to you info@awesomelendingsolutions.com.au
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