Buying guide
Buying off the plan: 15 things you need to know
Looking at buying off the plan? Here’s everything you need to know to ensure your purchase goes smoothly.
AI summary
Buying off the plan involves purchasing a property from a developer before it's built, offering a brand new home with potential for capital gain.
Key considerations include:
- Researching the developer's reputation and market trends.
- Understanding body corporate rules and finance pre-approval, which is reassessed on completion.
- Seeking legal advice on the contract, paying close attention to the 'sunset clause' for potential construction delays.
Assembling a team of experts like a lawyer and mortgage broker is essential for a smooth process.
What does buying off the plan mean?
Benefits of buying off the plan
What to know before buying off the plan
1. Do your homework on the developer
2. Consider liveability
3. Look at the location
4. Research market movements
5. Know what happens if there are construction delays
Buying an apartment off the plan can be a great investment.
6. Seek legal advice
7. Look into the body corporate
8. Check your eligibility for government support
9. Consider your finance
10. Ask about security
11. Check the soundproofing
12. Understand the property’s outlook
Make sure your apartment's outlook won't be built out before you buy.
13. Think about resale and appeal
14. Understand the development site
15. Seek independent advice
Author
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