Buying off the plan developments is becoming increasingly popular. Investors have always been more interested in off the plan developments while homebuyers have preferred ready to move in homes and apartments.
Are you thinking of putting an offer in on an off the plan apartment?
Consider the benefits of buying an off plan apartment or house before you make a decision!
- You could be saving substantially on stamp duty. The pricier a property, the higher are your savings on stamp duty. First time homebuyers in particular bear the brunt of the stamp duty. It is an expense one has to factor in on top of the cost of the property.
- Buying ready to move in properties makes homebuyers vulnerable to costs of repairs and upgrades. The listed property may be a year old or it could be ten years old. As a property ages, it is bound to have problems and they may be obvious at the time of buying or the issues may pop up over time. Off the plan developments are new properties and it should not require repairs or upgrades for a long time to come.
- An off plan apartment will adhere to the latest energy rates and building codes. Hence you won’t have to worry about upgrades necessitated by law. You would know that the plans abide by the latest building codes. You would have energy efficient installations, from plumbing fixtures to electrical wiring, which will save you money. Older homes have dated components which would be costlier to operate.
- First time homebuyers need some time to deal with the mortgage applications, to have enough savings for the down payment and other potential costs. When a property is in the development phase, there is some time before the homebuyer needs to pay the full price. Paying just 10% as deposit would secure the property for the homebuyer. Then one can take months till the completion to deal with the mortgage applications, to save for the down payment and one can manage the surprises.
