It is common in Australia to buy off-the-plan. With substantial savings in stamp-duty as well as a few other benefits, it makes a lot of sense financially to be purchasing off-the-plan. But do you know exactly what you are buying into?
One of the big caveats to buying off-the-plan is obviously the fact that the property you are buying into has not completed yet (or in some cases has not even started the construction phase). Developers will nowadays provide excellent quality renderings and models of what the completed build will look like internally and externally. This is an excellent way to gauge how your future home is going to feel and let your imagination run wild.
However, much attention needs to be put into looking at detailed specifications as renders may not 100% accurately portray what the end result will be. Common things to consider include:
- What are the characteristics of the property? Is it a small apartment unit, or does the property get less sunlight than the average house / unit due to its facing or location?
- How does the property rate in terms of utilisation of scarce space?
- Does the property maximise the amount of natural light with glass and/or mirrors?
Buying off-the-plan is a big step towards a commitment and investment. Make sure you make an informed decision and scrutinise down to the fine details of the build to ensure both ultimate comfort of your future home and also maximum potential for return on investment.