What you need to know before buying off the plan

June 25, 2017

 

 

 

Buying off the plan can be a very attractive affair, especially with stamp duty savings, you agree to pay a fixed price for the property which by the time of completion may go up, etc etc.

 

Having said that below is a must to do checklist before getting into a signed contract to ensure a smooth transaction.

 

Below is a checklist of points to consider when you find a property you like.

 

  • Compare the measurements of the display with what’s  actually on the plan.

  • Make sure the contract specifies which appliances will go into the property

  • Take note of the sunset period and how long it is. What's a sunset period? It's the length of time the developer has to build the property before they have to return your deposit to you if they haven't completed the property.

  • Buy a property that's north facing if possible. You'll maximise the natural light you will get in the property.

  • How will the builder and developer communicate with us during the    build and post construction?

  • Can we sell before construction is finished?

  • How long between title registration and settlement?

  • Buyers should be very wary of any promises made by developers or  agents as a reason for buying into their development.

  • Ask the developer to show you their portfolio of completed projects  as well as providing you with the opportunity to speak with previous  customers.

  • It’s also important to ask the developer how they are funding the new development and what will happen to the deposit that you are paying.

  •  Your deposit should be held in trust by an intermediary until  completion of the property.

  •  Get a pre-approval in place to understand your borrowing capacity.

If you would like to know how much you can borrow or have any other questions, please feel free to call us on 0487 344 352 for a free no obligation service.

 

 

 

 

 

 

 

 

 

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