Off the Plan

Buying Off The Plan

If you’re considering an off the plan property purchase in Victoria, we’re here to help. Our experienced team will guide you through the process and keep you up-to-date every step of the way. We offer expert conveyancing services to ensure that all legal requirements are met and your interests are protected. Buying off the plan has its advantages, including potential savings and customizations, but it’s important to research the location and credibility of the developer before committing. Trust us to help you make an informed decision and realize your dream of owning an off the plan property in Victoria.

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Benefits of buying a newly built property

– New appliances and potential for customization
– Possible exemptions from or reductions on Stamp Duty
– Access to First Home Owner Grant Scheme
– Negotiable purchase price and potential for price increase before settlement
– Low initial deposit and long settlement period for financial preparation
– Builder’s guarantees for repairs and issues

Benefits of buying as an investment

– Ability to claim depreciation
– Potential for higher rent
– Lower property maintenance costs

If you’re planning on buying an off the plan unit, apartment or house in Melbourne, we can provide you with detailed information on the development, and then guide you through the entire purchasing process.

Our experts can assist you in getting a better understanding of what you are buying and help you to understand all the details and obligations of the contract.

After you have signed the contract, we will be in regular contact with the vendors conveyancer to make sure that you are kept up to date with the progress of the construction, and make sure you pay the absolute minimum at settlement by making sure nothing goes into the adjustments that is not detailed in the contract.

We understand that purchasing off the plan can be daunting, particularly if it’s your first time; however, our team has a great deal of experience in this area and can provide you with the necessary guidance.

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What to Look at When Buying Off The Plan?

To give you more confidence when buying off the plan, below are some things that you can consider and look out for:

  • Will you have a parking space, and if so how many?
  • How many lots will form a part of the development?
  • How is the development sub-divided?
  • What changes and design choices can I make?
  • What is the “Sunset Clause” date (completion date) ?
  • What is the estimated rental return ?
  • Who is the architect for the development?
  • Who will be the builder for the development?
  • Has the builder built similar developments before?
  • Can you go and see a similar development they have built before?
  • Will the property be subject to an Owners Corporation? and if so:
  • What will the Owners Corporation fees be?
  • How will the Owners Corporation/s be structured?
  • What will my lot entitlement be?

 

Have you reviewed the Contract of Sale and Disclosure Statement? It’s important to make sure you understand the terms and conditions of the purchase.
What are the legal details that govern off-the-plan purchases?
Have you consulted with a legal professional familiar with off-the-plan purchases? They can help you navigate any potential legal complexities.Have you considered the location and surrounding amenities of the development?

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Contact us for a free quote or advice on buying off the plan in Victoria.

 

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