Off the Plan Property Melbourne
Off the Plan Property
What does it mean? Buying off the plan means you're literally buying from a plan only; you haven't seen the finished product. You may enter into the purchase contract either before development or during construction.
When buying off the plan, it's important to consider what you're getting for your money and how it is different to buying an established home.
- An off the plan contract will be much more detailed. It will include things such as: proposed body corporate assets and a schedule of finishes for each property.
- Settlement for an existing property usually occurs 30 days from the contract date. When purchasing off-the-plan, the contract settlement occurs after the property has been built, approximately 12-18 months after you've signed the contract.
Benefits of Buying Off the Plan
There are several advantages to buy off the plan property.
- Price
After construction commences, prices usually rise. Buying property off the plan before construction ensures you have the best possible price.
- Tax Benefits
When the property is purchased brand new, there are more depreciations available so you maximize your deductions.
- Secure Property at Today's Prices
You'll be paying today's price for tomorrow's property. In a rising real estate market, the value of the property upon settlement (12-18 months or more) will be greater than the purchase price.
- Stamp Duty Savings
Buying off the plan in Melbourne ensures you're paying significantly less until the building is complete. The concession is greatest for purchases before construction begins.
- Time
Because completion is some time away, you have the opportunity to coordinate the sale of existing property as well as planning your move.
- Savings
Settlement occurs once the property is completed. This means you have more time to save money and build your nest egg!
- Choice
You'll have greater choice in choosing the properties as well as finishes, fixtures and style.
