Buying off-the-plan housing is becoming an increasingly common decision for first home buyers.
There are a number of incentives for purchasing off-the-plan but there are also some serious considerations to be made before entering into a contract.
Do your research
Researching the property itself, the area and the builder/developer are extremely important.
Area: make sure you are familiar with the area and the selling/rental prices of similar properties. Are you getting value for money based on what else is available?
Builder: research the builder/developer. Check the developer has received DA Approval and find out when construction is expected to begin. Ask to see previous work they have done. It is important to know that they are trustworthy and reliable when making such a large and important purchase.
Property: research the floor plan and the floor plan of the complex (if it’s in a complex) and make sure you are happy with aspects such as room size, proximity to other houses and the parking situation. Research the appliances that are intended to be installed and ensure you are happy with them too.
Get your finances in order
You have time to save because generally, you have to wait a year to two years for the building to be completed. Consider any government funding you may be entitled to such as first home buyers loan or money that can be saved on stamp duty.
Do not do it alone
Speak to a professional; a property consultant, legal advisor or conveyancing lawyer. You need to know what you are and are not paying for; and what you are entitled to. Going for the cheapest lawyer is not the best of ideas either; go for someone experienced and successful.