Most Australians are being priced out of the housing market as the costs soar high. An increasing number of people are looking at existing apartments or those for sale off the plan as a very viable option.
These ‘off the plan‘ purchases are a popular choice among investors because the investor will often get a discount below the market value, and the property may appreciate before settlement occurs.
Key things you should consider:
- The developer’s quality and ability to finance the construction are among the most significant uncertainties you will face.
- Not all developers can deliver the property to the standards you may expect and the timeframe you want, so you need to choose the developer carefully.
- If you are one of the first to buy in a project, you can often get a better price. You can also choose the best unit in the block.
- Working with a good solicitor will also ensure the contract protects you from potential changes.
- Valuation is an opinion and can vary, so if a valuation does come in short, you can choose to find a valuer who understands the value proposition of the specific property.
Engaging a team of experts and doing your research is the best way to get into off-the-plan apartment purchases. You can find more tips here.
One of our mortgage brokers can help you understand the terms of your contract and entitlements – as well as knowing the signs of a reputable and trustworthy developer.
Call us on 1300 889 743 or complete our free online assessment form to talk to a mortgage broker.