🏡 Thinking About Buying Off-the-Plan? Here’s What You Need to Know!
Buying property is a huge milestone—exciting and life-changing! Off-the-plan apartments are becoming a popular option for entering the market, moving up the property ladder, or downsizing. But how is buying off-the-plan different from purchasing an existing property?
Off-the-plan buying allows you to secure an apartment with just a 10% deposit, letting you potentially benefit from rising property values while construction is being completed. However, it requires a bit of imagination—visualizing your future home from a floor plan or artist’s impressions (unless a virtual walkthrough is available).
Here are 9 key things to know when buying off-the-plan:
1️⃣ Some developers allow you to reserve a unit with a refundable deposit ($1,000) for 14 days while you decide.
2️⃣ Others may only ask for an expression of interest with a smaller payment (approx. $500).
3️⃣ A 10% deposit is typical, but your bank won’t issue the mortgage until construction is complete.
4️⃣ Your contract will be reviewed by your legal rep—you’ll have 14 days to negotiate before paying the deposit.
5️⃣ Early birds get the best choices! Properties with prime views sell first.
6️⃣ Design choices for colors, fittings, and fixtures may be limited, so check what’s available!
7️⃣ Developers provide regular updates on construction, keeping you informed along the way.
8️⃣ You’ll be invited for a pre-settlement inspection—be sure to carefully check for any issues.
9️⃣ Post-settlement, you have 3 months to address concerns. Developer warranty insurance covers incomplete or defective work.
💬 Curious about buying off-the-plan? I’m here to help! Send me a message or call me at 0424 194 688, and we can explore your options together.
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Buying Off-the-Plan? Here’s What You Need to Know!