For any investor with their ear to the ground, buying off the plan is becoming one of the most popular forms of property investment.
While it carries a significant risk, the long-term benefits can be potentially rewarding.
What is buying off the plan?
Buying off the plan refers to buying a house, apartment or town house before the building is completed or sometimes before construction even begins. With the resurgence of the Australian economy and a thriving property market, investors from all over the world are snapping up these new developments in keen anticipation of the final product.
Purchasing these types of properties allows for investors to take advantage of a today’s pricing as well as the potential for the property’s value to increase before settlement occurs. High demand areas, like Sydney are going to be the places to consider.
First time buyers, investors, upgraders or down graders, can all purchase off the plan.
Know the Market before you make the Deal
Before buying off the plan from anyone, it is crucial to look at the track records of every organisation involved with the development, including developers, architects, interior designers and project marketers. There could be issues with anyone of these vital factors, so do your research and due diligence and know who you’re really dealing with.