Thriving off the Plan

Planning to make your first or your next property purchase, whether it be an apartment or house and land is an exciting project .

So many possibilities, so little time.

We hear a lot of talk about buying off the plan, and while most are aware this term relates to properties marketed for sale before building construction has commenced or completed, there is a bit to consider.

Here’s some useful tips to help you navigate your way through the process.

Buying off the plan provides you with:

  • The time to save and plan for settlement, with the added benefit of paying at today’s prices
  • Access to the broadest selection of property in that particular development, before most of the development has been sold
  • Greater tax depreciations are available when property is purchased off the plan or during construction. Benefits are greatest when the property is brand new so buying off-the-plan maximizes your available tax deductions.

Make sure you do your research:

  • The Developer: Do they have a good reputation and a track record for delivery? Do you know others that have bought from them? If so, has their purchase lived up to expectations?
  • Value for Money: Do your research on market prices on comparable product in the local area. Make sure incentives offered by the developer enhance your purchase vs clouding your judgement.
  • The Product: Make sure that you are comfortable with all aspects of the floor plan, whether you are buying an apartment or a home.
  • Understand yours and the developer’s obligations in relation to the Sunset date clause. This clause in your contract means that if the development is not completed by a certain date, either the developer or the buyer can cancel the contract.
  • Seek independent advice before making any property purchase

With so many different types of product on the market – you can now start making informed choices regarding where you would like to live or invest – one that best suits your family, your social life, your recreational, investment and leisure choices.