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Guide to buying off-the-plan in 2020

Market Insights
3 years ago
4 minutes

The property market experienced an unprecedented upswing at the end of 2019, which indicated great things for 2020 – with many real estate experts forecasting that this momentum would continue to build.

No one could have foreseen the reality that 2020 has faced us with, which has created a lot of understandable economic uncertainty.

If you were hoping to purchase your first home, buy an investment property, or downsize from your family home in 2020, all hope is not lost. Buying off-the-plan still presents a fantastic opportunity for buyers, even amongst the uncertainty of the COVID-19 crisis.  
 

Latest tips for buying an apartment off-the-plan

The property and development sector was quick to adapt to the increasingly stringent government restrictions put in place to stop the spread of COVID-19, with video appointments and virtual inspections now offering a fantastic opportunity for interested buyers to view properties without having to leave their homes.

Virtual inspections and appointment-only inspections are relatively common for off-the-plan, and you can click here to find off-the-plan apartments you can virtually inspect.

Purchasing a home off-the-plan offers buyers the unique opportunity to put down a fraction of the final cost of their home initially, often with no additional money required for many months. This is a great way for buyers to secure a home now, and not have any financial obligations until the COVID-19 pandemic has passed.
 

What it means to buy an apartment off-the-plan

Buying a home off-the-plan is a very different process to buying an established home, as often the decision to purchase is made without inspecting a physical residence.

After viewing the plans, i.e – the floorplan, renders and key details about the development and your individual property, the contract of sale is signed before the building is completed – or in some cases before construction has commenced. You agree to purchase the property with guarantees pertaining to quality, style, timeframe of construction and completion date, size, decor and functionality – and these guarantees are written into your contract of sale.

The process begins when you inspect the display suite for the development – with by appointment private appointments and virtual appointments being widely available now. Thanks to a number of increased buyer protections and developers offering impressive building guarantees, those purchasing a home off-the-plan can do so with increased peace-of-mind.
 

Benefits of buying an apartment off-the-plan

Purchasing an off-the-plan home gives you the opportunity to inject your own personal style into a modern, contemporary space that can often be purchased for much less than the median house price for a comparable property in the area, and also means you can often make a more sustainable choice.

Forward thinking developers are creating developments that maintain a key focus on thoughtfully selected materials and impressively high energy ratings, giving owners a unique chance to seamlessly integrate sustainable practices into their everyday lives simply by enjoying their home.

Buying an off-the-plan apartment, townhouse or house and land package does not have to mean conforming to a particular style or aesthetic. Many developers now offer flexible floor-plan options and customisable interiors, so an off-the-plan apartment purchase now provides you with the ability to get creative and have control over the look and feel of your space.

Buying off-the-plan often allows you to save money, meaning you have more in your pocket to enjoy life. With interest rates as low as they currently are, this could be the ideal time to purchase off-the-plan.
 

Step-by-step guide to buying-off-the-plan

First, browse all of the developments available across Australia on Apartments & Developments.

Pick your ideal location, property size and type.

Click the “Enquire Now” button on the development listing and contact the developer about setting up a video inspection or private appointment if they’re available.

If you find an off-the-plan home that you love, the developer or sales agent will expertly guide you through every stage of the purchase process.

Enjoy your new off-the-plan home!

 

 

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