5 Tips For Buying Off The Plan

Thought you might be interested in an article 5 Tips For Buying Off The Plan and thought I’d share a few points with you here. I’ve found some relevant information here so if I find more, I’ll be sure to pass it on.

Buying off the plan involves entering into a contract to purchase a property before construction is complete or before building work has begun at all. Off the plan buying can offer a chance to lock in a price now, whilst you save additional funds during the construction of your new home. There may be savings on stamp duty also as duty is levied on the value of the property at the time of purchase, and this is often less than the value of the finished construction.

Tip 1. Do your research

Before signing a contract of sale it’s important to thoroughly research the proposed property and its developer. Check out completed projects by the same builder, and know how your property will differ from the display suite. Understand exactly what the sale contract includes by way of fixtures and fittings, and enquire about ongoing costs like strata levies to ensure they are affordable. Do you research around similar prices and rental returns on units in this area to make sure that the property has been fairly priced. 

Tip 2. Lock in a good solicitor or conveyancer

Off the plan contracts can have a range of clauses that don’t normally appear in contracts for existing dwellings. These clauses may allow the developer to change aspects of the building design or the completion date, or even the final sale price.

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Thanks

Alex