Here are eight good reasons why buying off-the-plan is an attractive proposition in today’s real estate market.
1. Building guarantees and appliance warranties are on offer for a 6 to 10 year period providing any buyer long term peace of mind.
2. A number of astute developers have sustainability in mind when briefing the design team for any new development, including cost saving additions and saving our precious planet.
3. Stamp duty savings and first home owner grants. Depending upon your individual circumstances, buying off the plan could save you tens of thousands of dollars in unnecessary expenses and taxes. This allows you to borrow less and take years off your mortgage.
4. Customisation opportunities or bespoking allow you to make personalised changes for most off-the-plan purchases. Enjoy your new home from the first day of moving in, without the need to then suffer through costly renovations or borrow additional monies to pay for it.
5. Any off-the-plan apartment or townhouse will be at a fixed price rather than a quoted forecast range. Prior sales within the building also give the next buyer social proof that the price on offer accords with market value.
6. Additional time to save. Often the time between the day of sale and a call to settlement will be in excess of twelve months. This allows you to save more, borrow less and pocket the difference.
7. In a rising market the time between buying your new property and settlement may allow for a period of capital growth. If you have a property you need to then sell, it may be financially beneficial to delay selling until you can potentially coincide the two settlements.
8. Off-the-plan properties must have a percentage of the building compliant with BADS (Better Apartment Design Standards). Introduced in 2017 and applicable to apartment developments of up to four stories, it insures your new home or investment is compliant with aspects such as energy efficiency and natural light. Items rarely found , if ever, within established properties built decades ago.
And 9. And of course it’s never been lived in…