Why first homebuyers should consider buying off the plan

ResidentialSaturday 24 December 2016

Most homebuyers consider an off the plan purchase to be something that only benefits investors.

However purchasing an off the plan property can have its advantages for First Homebuyers.

What does “buying off the plan” mean?

Buying off the plan is agreeing to buy a property before it’s been constructed. As the property doesn’t yet exist, all you have to go on are the blueprints, hence ‘off the plan’. Unlike buying an established property, you don’t need to obtain finance straight away; instead, you pay a deposit of around 10% of the value of the property, and settle the rest at completion. Off the plan projects often take well over a year to complete construction, or occasionally two years or more.

What if I want to view the property to make ensure I like it before I buy?

Most developments have sales offices and demonstration suites where you can view the property with your real estate agent before buying. This gives you piece of mind regarding the property and also something to look forward to.

Why is it advantageous for a First Homebuyer to buy off the plan?

The major advantage to First Homebuyers is the fact that there is no immediate need to outlay a large amount of capital to secure the purchase.

Generally First Homebuyers are short on cash and commonly encounter issues when it comes to sourcing the money needed to secure a property with a short term settlement. Buying off the plan allows the First Homebuyer the time to plan and save for the settlement and gives a sufficient timeframe to apply for the First Homeowners Grant.

Buying off the plan also provides the buyer with advantages that those who purchase an established property don’t.

Advantages such as:

  • – Locked in price
  • – The ability to customise floor plans and finishes
  • – Low deposit is required and the balance is not due until settlement
  • – Increase in property value
  • How do I find an off the plan purchase if the property hasn’t been built yet?

    Simply contact one of our experienced Project Agents.

    Burgess Rawson currently have a variety of off the plan properties on offer such as Seascapes in Halls Head, Code 23 in Beckenham and Jervis Rise in Baldivis and our developments are always expanding. To be added to receive updates regarding the latest properties and upcoming off the plan purchases simply register here or to discuss one of the above mentioned properties with one of our Project Agents contact Chris Tonich, Sarah Calautti, Troy Smith or Chris Monterosso