Buying off the plan

If you are interested in off-the-plan conveyancing in Melbourne, you will need a knowledgeable conveyancer with experience in buying these types of properties. Buying off-the-plan means purchasing a property before any construction begins. Buyers typically enter into a contract with a housing developer to buy a property that may not be completed for months or even years, depending on the location of the community where the property. In most cases, you’ll have access to digitalised images, scaled models, and even real-life showrooms to give you an idea of what to expect when your building is completed. From there, you can make decisions based on the plans, location, and expected outcome of the property.

Investing in an off-the-plan property presents several advantages. Some of the specific perks include:

  • Stamp duty savings. Depending on what stage of construction you purchase the dwelling, you may be ineligible for significant stamp duty savings.
  • Price locks. One of the most popular reasons for buying property off-plan is the price locks buyers enjoy. Even though your property will only be finished later, when housing prices may be higher, you are guaranteed the current market price at the time of purchase.
  • Discounted prices. Along with price locks, you may also find that many developers offer their off-the-plan properties at discounted rates. Do discuss this with your conveyancer, as it isn’t always the case and you should do your research to ensure that you’re making a smart purchase.
  • Buy now, pay later. In most circumstances, you will need to pay only a 10% deposit upfront; the rest is not due until completion of the property, anywhere from one to five years later.
  • Customisation options. Because your property is still incomplete, you’ll likely enjoy the flexibility of being able to choose the flooring, fittings, and finishes that you want.

Tips for Getting More Value Out of Buying Property Off Plan

Buying property off-plan is becoming an increasingly popular option, thanks to the many benefits it provides. If you are considering making this type of purchase, keep the following tips in mind for the best experience.

  • Get your finances sorted. You will first want to pay off any outstanding debts and determine what your borrowing capacity is. Then, you’ll have a clearer picture of your budget and how much house you can afford.
  • Learn about the property market. Look at factors such as current vacancies, rental yields, demographics, proposed future developments, and comparable sales to help you understand the things that impact your purchase.
  • Choose an experienced off-the-plan conveyancer. Consulting with a conveyancer who is familiar with these types of purchases can help protect you when it comes to signing contracts for your future property.
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