Key questions to ask before buying an off-the-plan apartment

Buying an off-the-plan property can be an exciting and rewarding investment opportunity. Because buying off-the-plan means you’re purchasing before the building is complete, it’s important to know what to ask so you can make confident, well-informed decisions.

Here are some questions every buyer should consider before signing on the dotted line.

Understanding the basics of off-the-plan

As we mentioned above, when you buy off-the-plan, you’re purchasing a property that hasn’t been built yet. So, instead of walking through a finished apartment, you’re relying on floor plans, architectural drawings, renders, and specifications provided by the developer and project team.

The process usually involves:

• Paying a deposit upfront (commonly 10%), with the balance due when construction is complete.
• Entering a contract early, often at today’s prices, which can be beneficial if property values rise during the build.
• Relying on the developer’s track record to ensure the project is delivered on time and to the quality promised.

For some buyers, this approach may feel unfamiliar. So, with research and by asking the right questions, buying off-the-plan can open doors to brand-new modern apartments and townhouses in sought-after locations, sometimes with the option to personalise certain finishes before completion.

Questions to ask before saying yes: 

1. Who is developing the project?

A developer’s track record is one of the best indicators of what you can expect. What projects have they delivered before? Were they delivered on time? Did the finished development reflect the marketing material?

Researching reviews, past projects, and overall reputation can give you confidence in your chosen apartment or townhouse.

2. What are the specifications of the property?

Look closely at the floorplans, layouts, finishes, and inclusions of the unit. Does the design suit your lifestyle needs? Is there enough storage? Do you need an extra car park? Are you happy with the fittings and appliances?

Understanding the details early helps you avoid surprises later and can also give you the chance to request upgrades or customisations while the project is still in progress.

3. When will it be finished?

Completion timelines are an important part of planning your purchase. Make sure you know the estimated handover date and ask what happens if delays occur.

4. How much deposit is required, and what financing is available?

Typically, off-the-plan contracts require a 10% deposit. Knowing when and how much you need to pay will help you plan ahead. Speak with a mortgage broker or lender early to understand loan approval timelines and how settlement finance will work when the development is complete.

5. What does the final inspection involve?

The pre-settlement inspection is standard for all new builds and is your opportunity to ensure you're happy with your new investment. Ask about the process: who will attend, and what can be flagged for rectification if needed. 

Some buyers also choose to bring an independent inspector for peace of mind, so it's worth considering this as well if you'd like a second opinion from an expert.

6. Can I personalise my apartment?

Some developers allow buyers to select finishes, fixtures, or colour schemes. While choices may be limited by the building’s design, even small touches such as choosing from different colour schemes make your new apartment feel like home.

Things to remember

As the real estate market continues to evolve, purchasing an off-the-plan property has emerged as a popular and often more affordable option for homebuyers seeking to create a customised living space that meets their unique needs and preferences. 

By doing your research and asking the right questions about the developer, specifications, timelines, finances, inspections, and personalisation options, you’ll be well-placed to make confident decisions about your off-the-plan purchase.

We wish you all the best!

To find off-the-plan apartments and townhouses across Australia, click here.

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Header background image of Stockland Nara in Beaconsfield, WA.