Is buying off the plan a safe option?

Knowing what’s right for you as a purchaser is the first step

Getting a foot in the door is one of the biggest hurdles when starting the journey on the property ladder. However, with off the plan buying, it can be made simpler and more accessible.

Often there is a negative connotation when it comes to buying a property off the plan.  Unfortunately, the media often inflates coverage at times of oversupply and these criticisms of developments impact the market.  As a consequence a negative reputation is often discussed when talking about off the plan property.  The reality however is that any point in time is just that, a single point in time in a constantly changing and dynamic market.  A good property selected well, will always perform over the longer term.

So therefore the main question then lies as to whether it is safe or not to buy off the plan? It definitely takes another level of diligence, knowledge, and education to determine what is a quality property. Hence, our aim to be the point of call to assure you that your purchase is the right investment.

Here’s why buying off the plan can beneficial:

Buying off the plan can have many benefits to a purchaser. It is vital to weigh up all your options when choosing the right option for you. It’s also important to remember that purchasing a home will be one of the largest investments you’ll ever make.

The benefits of buying off the plan can include:

  • 10% deposit at signing and nothing until you settle and move in or get a tenant – This allows you to save more money during the period of construction.
  • Input into design and finishes – You get a say in the final product, meaning that if you have people on your side that understand the importance of well-executed floorplans your property will stand the test of time.
  • Builders warranty and less maintenance in the early years of ownership – Protecting you from the get-go in the case that there are defects that need to be rectified.
  • Lock in price and potential for growth if market increases – The beauty of purchasing prior is the opportunity for growth. There is no guarantee, however, it is not unheard of that the property value before completion increases significantly.   This is especially the case right now where many experts are saying we are at, or very close to the bottom of the property cycle.

There is no such thing as being over-prepared

With any investment, there is a level of risk. It is fair to say that when purchasing off the plan there are a different set of rules and factors to be aware of. You can mitigate the risk through detailed and thorough research so that your investment has the best opportunity to perform well. So, buying a property off the plan is a brilliant idea, if paired with the right type of homework.

It is important to remember that a reputable representative in all areas of the purchasing process will ensure a desirable result.

How we can help?

With a combined industry experience of over thirty years, Specific Property and Fishermans Bend Realty specialise in offering a service that ensures your needs and wants are met.  We are experts in off the plan property selection as we are new property brokers.

If you’re thinking of stepping into the market or are expanding your property portfolio, you can touch base with us today for a non-obligatory chat on what’s available in the Melbourne and Brisbane area.

Contact Michael Taylor on 0433 115 187

For more information:

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