Buying off the plan can be a fun experience and a great investment . There are many factors to consider when buying a home off the plan, so before you buy, take a look at our top tips.

1. Research the Property Market

Research the property market to ensure you are not only getting a good deal but making a worthwhile investment. Look at vacancy rates, rental yields, recent sales figures and demographics. Also make sure to see if there are any proposed developments which may impact your property and its value, for example, an apartment block which restricts views and invades your privacy. If there are lots of similar developments happening in the area, this oversupply may mean that yours may not be as valuable as you expected. Researching local property trends will also help you to make decisions about what kind of home you are going to build. For example, if your area is popular among families, then it may not be a good investment to build a studio apartment if you plan on eventually selling.

2. Research the Developer

Building a house is a big commitment, so you need to be sure you are working with somebody trustworthy and reputable. Check your developer’s experience and look at the projects they have already completed. You may like to visit these sites in person or read reviews from previous buyers. Find out information like whether or not they complete projects on time. Also make sure to find out if the developer has DA Approval for your home, to save the disappointment of the project not going ahead.

3. Buy Early

By buying early in the project, you can pick the best block . As one of the first buyers, you may also be able to get a better price. In some cases, getting in early can give you an even greater ability to customise your property . By buying early, you will also be able to choose a block which is close to schools or train stations, or one which has great views.

4. Analyse the Building Plans

Have a good look at the building plans. Check which direction the house faces; are you buying a sunny, north-facing home? Do you have any views you should be maximising or privacy issues to work around? Also, check the size of the building and make sure it is right for you. Getting a feel for the size of a home is difficult when buying off the plan since you cannot walk around it. Be mindful that the size of your home may differ from the display homes, so check the measurements on your plans.

5. Have Somebody Read Your Contract

Have your contract reviewed by someone else, such as your solicitor or conveyancer before you sign anything. Make sure you understand everything written in it and bring up anything you’re unsure of before you sign. The NSW Department of Fair Trading has a great list of questions to ask before you sign. By thoroughly checking your contract, you will make sure that if anything goes wrong, you will not lose out.

 

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