6 Tips for Buying Off-The-Plan Property

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.

    • It can save you money

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.

    • Patience can pay off

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.

    • You only pay once

Once the price has been agreed and lockedin, you can generally be confident knowing you will not need to pay more.

    • Excellent options

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.

    • It’s brand new

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.

    • Taxation

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.

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COVID-19 Update

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