BUYING PROPERTY OFF THE PLAN
Accruing property off the plan
B & S Horan
Accrue Real Estate were professional, informative and helped make our decision easy. We will be buying another investment property through them and have recommended their services to others.
When you buy off the plan it means you are purchasing a property that has not yet been built, based on models, contracts and architectural plans. Buying a property is always a big decision, and when buying off the plan, there are pros and cons.
What are the risks of buying off the plan?
- You will need patience as it could be a while before you are in your property.
- You are relying on the developer. Builders can run into roadblocks that could cause delays or changes to your original plan. Always communicate with your project manager and know your rights should the build fall through.
- The market might change. Between buying your property and moving in, be prepared for changes in interest rates and property values.
What are the benefits of buying off the plan?
- You could land a bargain. Buying off the plan is often cheaper than buying an established property. Additionally, during the building period, the market may surge and your property may be worth more than you paid for it by the time it's completed.
- You will have more time to save. Most developers only require a deposit, giving you more time to save and pay off your property.
- There are financial incentives. Depending on your State, there are certain tax advantages and significant stamp duty reductions for buying off the plan.
Buying off the plan involves a little bit of insight and a whole lot of imagination. At the end of the day, you might end up with a brand new property for a great price.
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