This year will see more people than ever purchase their home in an off plan state – buying a house before it has even been finished has many advantages to the prospective buyer.
On paper, you could say it sounds like madness a little right? What happened to seeing before you buy? Off plan properties have risen in popularity over the years for many reasons, resulting in a new trend of investors, first time buyers, and even retirees opting to purchase their new home up to 2-3 years in advance before completion.
With so many people opting for an off plan purchase, we decided to give up our five top tips and advantages for new buyers who decide to head down this route:
An investment before it’s even completed
One thing is for sure – housing prices are heading only one way – up. That means that those who buy a home in an off plan state will generally see the value of their house increase, sometimes dramatically, before the completion and before you have even had a chance to step inside and see the property for yourself.
Using a trusted estate agent for advice
One of the key ingredients to ensuring that your dream home purchase doesn’t turn into a disastrous nightmare is ensuring that you speak to the right people at the right time – people with expert knowledge and friendly advice who can assist you every step of the way. Ibuynew.com.au is Australia’s number one destination for off plan buyers. Specialising only in off plan properties, where better to choose your buyer profile than with the experts themselves?
Option to custom and choose interiors yourself
Most off plan projects these days will allow those who choose to get in early enough the option to customise their home slightly. Whether that comes by being able to choose the tiles in the bathroom, the floorings, or in some cases, even some slight modification to the layout of the home itself. This allows you as the buyer to put your own stamp on your home, something you would not necessarily be able to do with a re-sale property, or something that would prove to be a lot more costly in a re-sale home.
Flexible payment plans
An off plan home often comes with a generous payment plan in place whereby owners can secure their house with a down payment sometimes as little as 10%, with the rest payable over a period of time agreeable by the developer and the buyer. This flexible payment terms can ease the buying load and give you time to pay up the remaining balance before you move in upon completion.
Location and research
It has been said before, but it really is all about location, location, location. Make sure you do a complete and thorough research into all outcomes and probabilities before you sign on the dotted line. Knowing your market can lead to a savvy purchase and often save a hell of a lot of money in the long run.
Of course, this doesn’t mean to say that there aren’t any risks to purchasing a home before it has been completed. Naturally, you would be wise to consider all homes and projects – but if you do the right research, follow the advice of the experts, purchasing an off plan house can really be your next step to that dream life with your family.
Have you purchased a home off plan before? We would love to hear your experience of how it went – please let us know in the comments below!