New developments are exciting and form part of a successful strategy for many property investors.
Why should you consider buying off the plan?
Getting in at the early stages of a development can benefit astute investors.
Some reasons may include;
Early Adoption
The first properties released are usually the cheapest because the developers want a large number of sales as early as possible. Most developers have financial requirements to meet in order to start construction and have to reach a certain number of sales before commencing. So get in early!
Today’s Price
An off the plan purchase means you can lock in the ownership of a property at today’s price and not have to settle on the property for an extended period of time until construction is complete. It could be 12-18 months before settlement, so capital growth can start on your property before you even settle.
First in Best Dressed
Getting in early allows you to have the best choice in apartments depending on your criteria. It could be the one with the best view, or the highest level, or facing a certain direction etc.
Customisation
Depending on the stage of the development and the product on offer, you can often choose from a select range of colours and fittings/fixtures when you are purchasing off the plan so your property can be just how you want it.
Buying off the plan can be daunting if you haven’t done it before. Purchase contracts can be more detailed than existing property contracts as there is lot more to cover with disclosure plans, inclusions and warranties, estimated completion dates etc. You also need to do your research on the developer, look at their track history and ensure they are reputable and will deliver on their promises.
NPA are here to partner with you and guide you on your property investing journey if you need it. We’ll help you with contract details and plans, we’ll keep you updated on progress and what you need to know along the way. We want buying off the plan to form part of your own personal successful investment strategy.
