Tips and advice | 15 October 2019

Benefits of buying off the plan

The Manhattan

Should you buy an off-the-plan property, or one that is already completed?

When buying an established property what you see is what you get. It’s a tangible asset. It is being sold in an open market and you have the opportunity of comparing it against other similar properties.

Purchasing ‘off-the-plan’ is quite another matter….

For a first home buyer, this is becoming an increasingly popular way to purchase where you contract to buy your home before it is built.

An off-the-plan property can usually be secured with just a deposit at contract signing, and the balance of the purchase price doesn’t have to be paid until construction is complete, giving you more time to save funds to use towards your settlement.

There are plenty of other benefits as well:

  • You’re more likely to qualify for Government Assistance.
  • There may be more tax depreciation available on new properties.
  • Early purchasers will enjoy a greater selection of what’s available in a development or building, that meets your criteria in terms of position, aspect and floorplan.
  • Buying a property off-the-plan is one of the easiest ways to get into the property market. You only need a 10% deposit of the purchase price and the balance is paid at the time of settlement, once construction is complete, and your home is ready for you to move in, giving you additional time to save.
  • Buying a property prior to construction often also allows you to choose your preferred colourscheme, allowing you to choose a scheme that is reflective of your style and personality.
  • Buying off-the-plan will generally involve an extended settlement period giving first home buyers time to save and get prepared for moving into their new home. scheme, allowing you to choose a scheme that is reflective of your style and personality.
  • Buying off-the-plan will generally involve an extended settlement period giving first home buyers time to save and get prepared for moving into their new home.