The Pros and Cons of Buying Mid-Construction

I’m always happy to pass on great info...and this is great info! I’ve included a few snippets below lifted from the full article.

Residential construction has hit an all-time high in Australia, and some buyers are looking to purchase properties while they’re still being built. So we asked a buyer’s agent and a financial adviser what you need to know about buying a property under construction.

Buying mid-construction vs buying off-the-plan - Senior Property Consultant, Rob Di Vita from National Property Buyers, says developers sell off-the-plan properties as a vision. So the property really only exists on paper and in the mind of those creating it. It can be hard to visualise the reality.

Buying a property mid-construction - Brand new properties are appealing to many buyers – who doesn’t want to be the first to live in a new home? New builds are also popular with foreign investors, as the Foreign Investment Review Board looks favourably upon off-the-plan purchases.

Plan for the unexpected - Many things can change in the time between committing to buy and settlement when buying mid-construction. Pashut says a buyer’s circumstances may change, which means the property may no longer be suitable by the time completion or settlement comes round.

Do you need more detail on this subject? Head on over to the full article https://www.realestate.com.au/advice/the-pros-and-cons-of-buying-mid-construction/ for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts [email protected]; or call me on (0295) 686 266.

Thanks,

Alex