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Buying off the plan means that you are entering into a contract to purchase a property prior to, or during the construction phase. While you can’t see the finished product, there are many good reasons as to why you may consider buying off the plan. 

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Some common reasons for purchasing off the plan include:

Better Price

When developers first offer their new products to the market they usually start with lower prices to encourage a faster sales rate. When construction commences, and the developers have met their construction finance requirements, prices usually rise.

Time To Organise Your Finance

With an off the plan property you can secure the property at today’s price, yet often you do not have to settle for up to eighteen months, or in some cases longer. Essentially what this means is that while you’ll pay a 10% deposit upon signing a contract, you don’t have to pay the balance of the money until the property is complete.

This also allows for the ability to get your finances in order and continue saving money, as you can build a substantial nest-egg over that time, which can be used to help reduce your mortgage.

Wider Selection Of Properties

You get to choose your property from everything that is available in the development. A wider array of choice means a greater opportunity to make sure you purchase an apartment with a superior position, aspect and floor layout.

Quality Control

Newly built properties in Australia are eligible for a seven-year warranty on the building structure which helps to ensure the quality of the property you purchase off the plan.

Speak to the Which Property team today to find out more about purchasing off the plan!

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