FREE REFERENCE: ‘OFF THE PLAN’
What You Need to Know About ‘Off The Plan’ Property
Buying off the plan and selling a development ‘off the plan’ has benefits and pitfalls.
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Buying a property from the drawings and models seems to be the only way to get into property sometimes. Buying sight unseen can be quite daunting. Sometimes the showroom apartment is not even on the site of the final building. You need to be aware of all the benefits and pitfalls of this type of deal. Otherwise, the purchase of your home or investment could turn into a major mistake.
‘Forearmed is forewarned’ – with knowledge comes power. Power to make the right decisions. Power to know when to purchase off the plan and when not to.
In boom markets, entire buildings of apartments can sell out within hours. Purchasers line-up ready to put their money on the table. Many people will see this as an opportunity not to miss. Without full knowledge of what it means to buy without seeing the finished product – it might just be jumping into the abyss.
Informed purchasers have many financial and emotional benefits of buying a property before construction has started. For naive buyers, risks abound. Risks that can turn your long-awaited purchase into a massive headache, spoiling the enjoyment.
Not seeking advice from experts and asking the right questions can lead to trouble. Purchasers can end up with a property that did not resemble what they expected. Worse still ended up with no property at all.
Developers selling a property before construction or even land purchase has occurred can find many advantages to this model. There are pitfalls to consider. Don’t risk everything because a deal seems too good to be true.
- What is an off the plan property?
- What are the benefits?
- What are the pitfalls?
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Buying and Managing an Investment Property – ASIC’s Moneysmart