What does it mean to buy a property 'off-the-plan'?
Buying off-the-plan means purchasing a property before it has been completed – by viewing the plans, i.e – the floorplan, renders and key details about the development and your individual property. You agree to purchase the property with guarantees pertaining to quality, style, timeframe of construction and completion date, size, decor and functionality – and these guarantees are written into your contract of sale.
The process of buying off-the-plan begins when you start researching off-the-plan developments in your chosen area, which can be done at a-d.com.au.
Developers offer display suite inspections and virtual appointments so you can get a feel for your future home.
How does buying off-the-plan differ from other ways of purchasing property?
Buying off-the-plan means that you will be purchasing a brand-new home that nobody has ever lived in before. You can often select your ideal floorplan and have input when it comes to your preferred colour-scheme and ideal finishes and fixtures – giving you a blank canvas on which to inject your own personal style.
Getting together enough money to afford an established home in sought-after areas is becoming increasingly difficult for first home buyers and young families in the current housing market. The median price of an off-the-plan apartment, townhouse or house and land package is often significantly lower than pre-existing houses, meaning there are many financial differences to buying off-the-plan.
In addition to lower prices, buying off-the-plan allows purchasers to put down a reduced deposit – sometimes as low as 5 percent – and have the entire build-time to secure the rest of the cost.