Buying Off the Plan
Buying off the plan
The most important factor that you should consider when buying any property is that you ensure that the off plan that you want to buy is a good idea. While you might be too excited to be the first one to live in a new home and have a chance to choose the floor and the color that you want, you should be cautioned that there are various pitfall you might enter if you are not keen and you should be very aware of this before you buy off the plan. There are various ways that can be of help to you if you decide to buy off a plan.
Lock in price
This is a very good advantage because it will enable to pay for the property; this is even if it will take time for it to be completed.
Securing high value assets for a low initial capital outlay
The entire payment here does not need to be completed as long as the deposit is made, this deposit will help to secure your property. by doing so it will provide you with time, allowing you to plan on your cash and through this you will be able to decide to sell or not sell your existing home by planning yourself you will not be pushed to do anything.
Increase in property value
If growth is experienced in a market the property that you are purchasing off the plan, you will find out that it has increases in value two years down the line when you settle down.
When you purchase for the purpose of investment, it will be very easy for you to claim lower tax for various items such as the fixtures. It is so wise and important to make consultations with your accountant so that you can be able to know if you can access such services.
Stamp duty savings in some states
In certain states, you find out that their government state do offer them with bonus and also reduce the cost of stamping duty for one when buying off the plan, and this simply will be able to save you a lot of dollars which on your side will be an advantage.
Seven year builders guarantee
In Australia the properties that are newly built do come up with a guarantee of seven years and this simply means that any faults that might occur before the seven years are over the builders are the ones who will take in charge of it.
Speak to a property consultant
As much as purchasing a property is one of the very biggest kind of buying that you will ever make, it is an experience which comes with a lot of stress. But when you decide to work with a consultant of such properties it can really make your process of buying very easy.
Think of the majority of the buyers
Whenever you find a chance to buy a property, you should not forget to keep the future buyers in your mind. This is simply because if you decide to sell your property in the near future you will want that property to be more appealing to a lot of buyers. It will be very hard to sell a home that is one bedroom to a family that has both parents and their children, so before buying any property you should take time and think about the future.
Seek legal advice
We find that buying off a plan is a bit different when it comes to the buying of a property which is established, so it is very important to use a lawyer who is very familiar with this kind of plan before you decide to sign in.
It is important for you to avoid using lawyers that are cheap because it will cost you in the near future to come incase your property is faced with any challenge you will be required to meet with the lawyer and if you were using a cheap lawyer he may not be available.
Ensure that you have enough savings, even if you will not be required to start paying for the mortgage yet. This is because you will be required to pay some legal fees which you will not evade.
Be prepared for delays
Before buying any kind of property, be sure that the seller has been able to reach his own target. A small development will take a very short period as compared to a very large development; situations such as bad weather can interfere with the functions hence causing the delays which will annoy the buyer.
Don’t get emotionally attached
When buying a home especially for the first time, it is very easy for one to get emotionally attached, however it is very important to take e care of your emotions and ensure that they do not control you because they can interfere with you ways of judging things and at the end you will end up overlooking factors which are very important such as the rates of vacancy and the growth of capital.
Research the developer
It is your responsibility to research about the developer so as to ensure that they can be trusted. You can be able to do so by finding out their past experience and the kinds of projects that they have been in before, after which you check if the project that they were involved on were completed in the right time or not.