Benefits of buying off the plan

There are plenty of reasons why people loving buying off the plan. It could be a much lower entry price into a tightly held suburb, the confidence of brand new appliances and fixtures, or financial reasons. Here are some of our top benefits for buying off the plan. Lifestyle and location The.

Benefits of buying off the plan. Buying homes Off Plan. From time to time a great opportunity for buying a home becomes available. How to buy off plan property? What is buying off the plan?

Is buying off a plan a good idea? If those benefits are appealing to you, your living situation and your lifestyle then it could be the ideal way to purchase your next property. Without a physical property to inspect, buyers base their decision on plans and artistic renderings of how the apartment might look, in addition to information about the project and developer. While buying off the plan looks great on paper and can reap rewards, getting in on the ground floor of a new development is not always a fast track to making money.

We look at how you can make the most of the opportunity and avoid some of the common pitfalls. In most cases it’s the largest purchase we’ll make in our lifetime. One of the biggest advantages of buying off the plan is time. And whilst all property purchases should be fully researche there are plenty of reasons buying off the plan is a good idea, from the financial gains to the peace of mind. Here area our top five benefits of buying off the plan : 1. In Australia, buyers can enjoy tax depreciation benefits , government incentives and the ‘newness.

Purchasing any kind of property is a big deal and buying off the plan property may seem a risky thing to delve into, especially when it means you’re buying a property that technically hasn’t been erected or realised yet. Lock in a price – The main benefit of purchasing off the plan is that you get the opportunity to buy a home at a discount. Even if the property values go up during construction you will still pay the discounted amount for the property.

Off - plan investment properties can offer buyers significant benefits – most notably the greater potential for growth and profitability that comes with buying at a low price before the property is even built. Advantages of buying off - the-plan. People are often attracted to off - the-plan sales as you may pay less land transfer duty than you would for an established house or unit. Everyone sells the benefits. To most people, the idea of buying property before construction has even commenced can seem risky and foolish.

When buying off - plan property, one of the major benefits is that it allows you to enjoy capital growth before the property is even complete assuming that’s the way property prices are going. Contracts will generally provide for settlement at varying periods from the notice of settlement being issued by Mirvac, depending on your state for. By signing a contract to purchase an apartment that is yet to be built, investors can lock in ownership of a property without having to settle for a period of time.

And for those of you that haven’t bought a new home before, we wanted to talk you through these benefits. Before we do this, we wanted to bust the myth that if you buy off the plan , you can’t really see what you are buying. In some states, stamp duty concessions are also only available on new properties.

Check your State for details. This just isn’t true anymore. Obviously, the buyer of an off - plan property cannot generate rental yields however they can participate in an upswing in demand (In the local economy or for the area) and benefit from capital appreciation in the medium to long-term.

Risks of buying off - plan : 1. Many property developers rely on loans in order to finance their projects. The interests paid or expected to be. It also gives you the added advantage of putting other things in order, giving you time to save for new furniture and moving costs. For example, in Victoria, you could save more than $10on a $500purchase if you buy off the plan instead of purchasing an existing property.

Stamp duty concessions are one incentive for buying a property off - the-plan. In a future blog post we’ll examine the risks of buying off - the-plan in more detail. Before committing to an off - the-plan purchase you should seek legal advice. As your independent settlement lawyers, contact us to book a minute consultation ($198) or a minute consultation ($385).

Sign today and by the time settlement comes around your property value will have increased significantly. Achieving instant growth in equity for you, all whilst avoid paying loan interest and holding costs.