EDITION 15
From The Experts:
A Fresh Look At Buying Off The Plan
For first-time buyers, the idea of securing a home before it’s even built might sound daunting. But purchasing a property off the plan can offer unique opportunities that go beyond just saving money. This approach might be the perfect fit for savvy buyers looking to take their first steps into the property market.
Buying off the plan isn’t just about affordability; it’s about foresight and flexibility. Properties purchased off the plan often come at a more attractive price point compared to completed homes. Developers may sweeten the deal with buyer incentives, such as upgrades or discounts, to entice early commitments. For buyers, this can mean entering the market with an edge.
Securing a property before construction means locking in today’s prices, which could prove advantageous if the property market rises during the construction period. This gives buyers a chance to enjoy capital growth even before moving in. Additionally, buying off the plan often allows buyers to personalise their future home. Depending on the stage of construction, they may have the option to select finishes, fixtures, or even tweak the layout, ensuring their new home feels uniquely theirs from day one.
Purchasing off the plan means committing to a property based on its architectural plans and designs rather than a physical structure. It’s a commiment to a vision of the property that’s yet to come to life.
The extended settlement period gives buyers the chance to save for a larger deposit or plan for other financial commitments. It’s also an excellent opportunity to prepare for the move without the pressure of immediate deadlines. New builds come equipped with the latest in design, technology, and energy efficiency, reducing maintenance costs and enhancing comfort. Many developers also include warranties for construction and appliances, offering peace of mind.
Being among the first buyers means having first dibs on the best locations within a development, whether it’s a corner unit, a specific floor level, or a premium view.
As exciting as buying off the plan can be, it’s essential to approach it with a clear understanding of the process. Purchasing off the plan means committing to a property based on its architectural plans and designs rather than a physical structure. It’s a commitment to a vision of the property that’s yet to come to life.
However, there are risks. Construction schedules can shift, potentially pushing back move-in dates, and property values might fluctuate between purchase and settlement. Contracts should be carefully reviewed to ensure all promised finishes, fixtures, and inclusions are clearly outlined. Sunset clauses, which specify the timeframe for project completion, must be understood to ensure they protect the buyer’s interests. Researching the developer’s track record is also crucial to ensure reliability and quality.
While buying off the plan isn’t without its challenges, the potential rewards make it a compelling option for many. It’s an opportunity to secure a modern, customized property at a competitive price with the promise of capital growth. However, as with any major financial decision, professional advice is crucial.
At Evans & Wislang, we’re here to guide you every step of the way. Our experienced team can help you navigate the complexities of contracts, sunset clauses, and warranties to ensure your purchase is a sound investment.
Take the leap into homeownership with confidence. Explore the possibilities of buying off the plan today!
Phone (02) 4952 5344
Website evansandwislang.com.au
Office Suite 6, Level 2, 10 Bradford Close, Kotara NSW 2289