What to know about buying off-the-plan property.
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Make it yours.
If you’re lucky and you buy in early enough into the development (and you have a little guidance from us!), you may be able to customise your property (floor plan, fixtures, finishes).
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Building guarantees and warranties.
Peace-of-mind. Whether you live in the property or lease it out, off-the-plan properties have a variety of great guarantees and warranties that ensure any defects can be fixed at the builder’s or supplier’s cost.
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Built to better standards.
Building standards have thankfully increased in recent years. Introduced in 2017, The Better Apartments Design Standards (BADS) raised the standard for energy efficiency, natural light, size of apartments and better floor plans.
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Stamp duty savings.
If you’re an owner occupier you can save a substantial amount on stamp duty when purchasing an off-the-plan property. First home buyers may be eligible for additional grants or concessions.
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More time = more savings = smaller loan.
Who doesn’t want a little more time to save? When you purchase an off-the-plan property, you are only required to put down the deposit at the time the contract is signed with the remainder of the purchase price due at settlement. That means you may have extra time to save money whilst the property is under construction. And if you are downsizing, it gives you ample time to sort things out before moving to your new apartment.
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Fixed price.
Unlike established properties, off-the-plan properties are always offered for a fixed price so you’ll know exactly which properties fall into your budget.
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Better gearing for investors.
Off-the-plan properties provide significant depreciation benefits for investors. We recommend every investor obtains a depreciation schedule from a professional quantity surveyor to optimise tax outcomes.
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Shiny, clean and sparkling.
There’s no feeling like being the first one to live in your home. You don’t have to worry about renovation or maintenance work. This is your time to invest in that beautiful rug, sofa or artwork you’ve always wanted.