A Guide To Buying Off The Plan
There are a number of factors to be aware of when buying Off the Plan because you are entering into a Contract to buy a property without first having been able to view and assess the finish project. This article will help you establish the pros and cons of buying a ready built home off the plan.
- Maximise tax advantages
- Stamp duty concessions in some States.
- Customised design possibilities.
- Longer settlement period, allowing for potential capital growth.
- If settlement is longer than 12 months, then often a valuation at the current market price may allow 100 percent finance.
- Interest on deposit is often received by purchasers when cash deposits are made.
- Time to save more cash during settlement period.
- Opportunity to move into a brand new home.
- Deposit is held in trust.
- The project may not proceed.
- The finish product may differ to what you anticipated.
- Expected capital growth doesn’t eventuate or value may be less than purchase price.
- Developer may go into liquidation which stalls the project and ties up your deposit.
- Project may be delayed.
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