What exactly is an
Off Property Plan
Investing through an off plan property means buying a property that hasn't been built yet or is still under construction/renovation. In other words, it means you make your decision to purchase a property based on the building plans and designs, rather than the finished product itself.
Many people, be it investors or home owners alike, see buying off the plan as a good way to purchase a brand new property.
If you consider an investment through Off Property Plan, there are some key aspects that you need to have in mind, because buying an off the plan property compared to buying an existing property has it's own differences and risks. With that in mind, we have compiled a list of pros and cons to really help you understand the process and what you might need to consider before venturing in this type of purchase.
If you manage to get in early enough, particularly before construction begins, the developer may offer a discount on the purchase price;
You might have the opportunity to negotiate changes to the exterior or interior style of the property, by checking out with the developer to find out what's possible;
New properties usually come with a builder's guarantee. How the guarantee works and what it covers may be different depending on the state or territory where the property is located, so check this carefully to see if a guarantee is available and how it could protect you in future situations;
When you buy off the plan, you don't get a change to 'walk through' the property before you buy it, so it might turn out differently than expected
If the building isn't completed on time, there may be increased costs or incovenience, such as if you need to continue renting until the property is ready.
When choosing one of the following options it is important that you fully understand it's process, because every property will be different not only in looks but also in licences and timescales. In that sense, it is vital that you have a lawyer to check everything for you.
We have many clients that buy Off Plan and not always for the same reasons. Considering that, we have listed some of the many ways to buy Off Plan, to show you the reasoning behind why it is a very popular way to purchase property in today’s market.
