construction at night

How off the plan properties are different to traditional property.

Depending on the type of property, you might be looking at an apartment, a townhouse or an attached/semi attached dwelling.

Some off the plan properties are turnkey and have limited options.
Turnkey meaning a completed dwelling (minus furniture) where you turn the key, and
the property is ready to furnish and live in.

Some off the plan properties will offer you a range of colour palates – That is, floor
colours, bathroom tile colours, Benchtops (Laminate/Stone), kitchen splashbacks
and depending on the property sometimes options such as the front façade
brick/render colours and roof colour.

It is important to remember that an investment property is a financial decision

So allowing your emotions of colours of the floors or kitchen splashback should be kept to a minimum and more focus being on choosing colours that are aesthetically appealing with longevity in mind (not a quick style fad)

Discover the Pros & Cons of buying off the plan

Off the plan properties can sometimes have a fixed floor plan, meaning that no changes can be made to the design.

Potentially this can be a benefit of not overthinking the process for an investment property. If you want to have the flexibility over making some changes or having a say in the design or element changes than perhaps off the plan is not the best suit for you.

5 Points to consider before buying off the plan

1
Know your developer

Researching your developer/builder can give you a good insight to ensure their reputation and quality meets your requirements. Visiting previous projects or researching their past performances are a good indication of what to expect from them.

2
Understand the market

Whether this is a first time purchase or another investment, it is always a good idea to understand the market you’re looking to invest into. Does the location has future infrastructure growth? Is there a strong possibility of future development? Is there a strong rental demand and how do the existing vacancy rates look?

3
Get in early

When buying an off the plan property, the old analogy “first in best dressed” often applies. By being early, you are often given an early bird discount price as well as having the opportunity to choose the best apartment/block of land that suits your personal needs.

4
Tax advantages

Being a brand new property, you can claim depreciation which is a great tax advantage for investors. A depreciation schedule will help reduce the ongoing costs of holding and allows you to use some of those tax savings to increase your future holdings.

5
Colour selections

See if you can view the colour selections options, some builders will offer a good selection of options and schemes while others may only offer a dark or light option. If you’re wanting to have a more personalised touch on the aesthetics of the property, you should consider the options provided by the builder.

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