Buying off the plan lets you get affordable and customisable properties that suit your tastes or needs. This home buying strategy comes with certain risks. That’s why it’s important to consider the following factors:
Location matters, especially when you’re looking for a place where you can start a family or retire. Research online or consult real estate agents to simplify your house hunting schemes. Schedule site visits or check display homes to find out if the off-plan property fits your purposes.
Your budget should be enough to cover the home’s initial and subsequent payments, as well as extras in case of special requests. Consult specialists in property valuations in Brisbane so you’ll have an accurate assessment of the property’s price. Then use their info to help you manage your home fund properly.
Fix your finances
Although prices of off-plan properties are low, it doesn’t mean you can afford them in one fell swoop. Fix your finances first by increasing your savings while reducing your debts. A mortgage may be necessary, but only if you can manage it.
You won’t see the property when you buy off the plan, which is why you should ask the agent for specifics. Find out the coverage, construction timeframe, payment methods and clauses regarding off-the-plan purchases. Ask the agent if they allow additional features for homes, and how much they cost.
There’s a possibility that the property developer fails to meet your expectations or cancels construction. Get guarantees like balance sheets to assess the developer’s financial health. Make sure your deposits are intact in case developers encounter financial problems or fail to finish construction work. Review the contract with a legal professional, if necessary.
Off-plan property is an affordable alternative for homebuyers, but it comes with certain risks. With the right preparation, buy and build your home without much problems. More importantly, you can live the Australian dream.