Purchasing property always comes with some risk. The risks vary depending on the reasons you are buying and the type of property. For example, buying a family home is a fairly safe risk. If you have purchased within your means, you will most likely sell years later at a profit – with tons of family memories.
Purchasing an investment property is a little riskier, with the need to secure a good tenant and a good rental return.
What about buying ‘off the plan’? Buying a property that hasn’t yet been built can be daunting and has higher risk. However, buying off the plan is common and not as daunting as you think.
Some of the benefits to buying off the plan include:
Having more time to save and prepare
Purchasers are normally required to put down 10% deposit and the remainder when construction is finished, which could be a year or two – or more. This gives you time to save, sell another property or get your finances in order.
Off the plan purchases are often cheaper than existing properties because 1) banks won’t lend to developers until a certain amount of the properties are sold and 2) people aren’t willing to pay as much for something they haven’t seen.
Increase in value
From the time you sign on the dotted line, to the time construction is finished will be a year or two – often longer. There is a good chance property values will increase over that time. Hopefully you will buy at today’s prices and the property will potentially be worth more by the time you settle.
Ray Real Estate has been involved in many off-the-plan developments in Salt, Casuarina and Seaside Village. We are extremely knowledgeable in this field and can assist you in managing the process. We certainly believe the benefits far outweigh any risks.
If you are interested in an off the plan purchase, we are currently selling the Cabarita Beachside Apartments. Built over two levels, this magnificent new elevated complex offers 38 luxury residential apartments in the heart of Cabarita Beach. The perfect blend of modern apartment living and laid-back coastal charm.
We welcome your enquiry: 02 6674 3444.