Few things express the great Australian dream more than owning your own home. However, for many households, this is fast becoming an unachievable goal. To make the dream more affordable many people turn to off the plan houses to buy the family home where they can live, their children can grow up in and call their own.
Whether you are looking for your dream home, or simply looking to invest, off the plan purchases are worth considering. To give you a basic overview of some of their advantages, here are 6 key benefits to buying off the plan.
Off-the-plan purchases can be cheaper than an established property. This is primarily because along with the property and land, you are also paying for an unfulfilled promise which incorporates a certain level of risk. Many buyers use these elements to secure their home at better price.
As a significant percent of the property value is the land it sits on, with the right property your purchase can be increasing in value even without a completed building. Off the plan purchases offer the chance for owners to gain access to new development areas, where the neighbourhood is experiencing growth, giving a head start in attractive areas.
Once the price has been agreed and lockedin, you can generally be confident knowing you will not need to pay more.
When purchasing an off-the-plan property you will frequently have more options to pick from to ensure you get the best property. You can request the best piece of the development from the block of land or apartment packages which suits you or your tenants the best.
Not only will you finally be able to access your own home when the property is finished, but it will also be brand new. Regardless if the property is the family home or an investment, new property is an amazing draw card, requiring less maintenance and other considerations.
If the property is being purchased for investment, new properties generally offer better savings for non-monetary tax items like depreciation which will reduce your overall holding costs.
These are just 6 great reasons to consider purchasing off-the-plan properties and there are many more. However, whenever you are purchasing property, doing your research is important and can be the difference in success or failure. At P&B Law, we have spent many years practising law and doing our best to ensure our clients understand their legal rights. Our desire is to help you make informed decisions when buying real estate, regardless if it is your first home or an investment property.
Before signing any off-the-plan property, ensure you receive the best advice and contact one of our property lawyers in Melbourne today.
Please be aware that due to the spread of Covid – 19 and on the recommendation of Government the decision has been made that from 5pm Wednesday 8 July 2020 to close the office once again to help slow the spread of the virus.
During this time our team will continue to operate remotely and can be contacted by email, on their mobile phones or through our website. All ongoing files will continued to be worked on and new work is always welcome.
We ask for people’s understanding in these uncertain times and hope everyone stays healthy.