How to buy off the plan apartments
Buying off the plan has always been a fantastic opportunity for homebuyers to secure a brand-new apartment at a lower price. The buying process starts before or while the development is in construction.
With attractive financial incentives and the first choice of apartments on offer, it’s easy to see how buying off the plan has become a popular option for many Australians.
If you’re ready to buy your next apartment off the plan, you’ll need to keep a few important factors in mind. Our guide will help you through the process and explain how buying off the plan can work in your favour.
What does off the plan mean?
Buying ‘off the plan’ simply means that you agree to purchase your property, as determined on the plans, before the build has finished. You’ll visit your developer and explore all the available apartment options including layout, size, level and outlook, before reaching an agreement with your desired plan.
Benefits of buying apartments off the plan
Aside from having the first choice of apartments on offer, there are also some great financial benefits to buying off the plan.
Fixed purchase price with no market increases
One of the many benefits of buying off the plan is the ability to buy your property at the current market value before it goes up in price.
In some cases, your property value will increase during the building process, so you’ll already have capital growth before you’ve even moved in! Imagine locking in today’s purchase price but not having to pay your mortgage until the build has finished!
More time to save
When you buy your apartment off the plan, you’ll only need to pay your deposit upfront. The remainder isn’t due until the build is complete, giving you more time to save.
Stamp duty and tax benefits to buying off the plan
In some states and territories, you can benefit from lower stamp duty costs and tax deductions when buying off the plan. Chat to our team at ALAND to find out what the most current government tax benefits and incentives are for your state or territory. If you’re a first home buyer, look at our first home buyer’s checklist for more potential savings.
Developer savings and grants
Buying off the plan is a great way to maximise savings and grants. These may differ for each development and can cover additional inclusions or early pre-sales discounts.
The best deals are always on offer when a property has just been released, so our tip is to get in early. Always check that you’re working with a trusted and reputable developer and builder. If a deal sounds too good to be true, it sometimes is.
Ready to move straight in
When you buy off the plan, you’ll know the colour scheme, flooring and interior style before you move in. This will save you time and money on maintenance, cosmetic changes and any updates to the aesthetic, making the move simple and easy.
What to expect when you buy off the plan
The first step in buying off the plan is to choose a trusted developer with a strong history in high-quality developments, innovative design and excellent customer care. Ask your developer if they have an in-depth competitor analysis so that you can make the right choice for your new apartment.
When you’re happy with the plans, inclusions, timeline and purchase price, you’ll pay a nominated deposit to secure your purchase and lock in your price. If the property market increases during the build, your sale price will remain locked in at the lower rate.
Some key questions to keep in mind when buying off the plan are:
- What does the price include?
- Are appliances included?
- What happens if the project finishes earlier or later than planned?
- Can I change anything in the plan, and if so, what’s the deadline?
When you’re ready to start the process, chat with your developer about what inclusions they can provide for you. For expert advice, contact the ALAND team and take a look at our ultimate guide to buying an apartment.
Where can I buy apartments off the plan?
- Paramount on Parkes in Parramatta,
- Schofield Gardens at Schofields,
- The Hoxton at Liverpool, and
- The Costello at Edmondson Park.
Only buy off the plan with a developer you can trust
When you buy off the plan, you need to find a developer who you can trust. It’s important to work with an experienced team with a commitment to quality, research and design.
At ALAND, we’ll help guide you through the process, from development, construction and finance through to property management. We also have an ALAND care program which includes an in-house building management division to provide assistance even after the build is complete.
Chat with our friendly team today and find out all of our latest off the plan apartment opportunities. Take a look at our ultimate guide to buying an apartment in Sydney to see more about our up-and-coming locations.