Buying off the plan can be a rewarding strategy for property investors and those looking for their own home or city base. However the strategy does come with certain risks, careful consideration is required when buying off the plan.
It is very important that you do all the research necessary to be confident with the developer building the property. Specifically it is vital that you carefully review the details in the contract of sale.
Some questions that you should look to answer before you consider buying include:
- Can I make changes to the finishes (eg. in the kitchen and bathroom)?
- Can I select appliances, such as stoves and dishwashers, and items such as floor and wall tiles?
- Can I visit the site during construction?
- If the building is finished earlier or later than expected, can I still arrange finance?
- What are my rights if construction is delayed or the design is altered?
- Can I on-sell the property to someone else during the construction period?
- Can the developer make changes to the design of my property and is my consent required?
- Are you aware of all the prohibited marketing tactics used?
- There are new laws that can protect you when buying off the plan.
Buying off the plan Fact Sheet [CLICK HERE].
Most developers will only tell you all the positive things the property has to offer. That’s why asking the right questions and having the right people you can trust on your team to give you all the facts is important.
Investors will continue to buy off the plan because there are still many benefits in buying early.
Ozway Realty have set up an “off the plan specialist” division to help buyers avoid the key risks and to help make it a rewarding positive and safe experience.
If you would like to see a range of off the plan properties for sale in Sydney from reliable developers you can arrange a free consultation with one of our off the plan specialists today.