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Pointers to Consider When Planning to Buy An Off Plan Property

By Jamie Richardson | August 28, 2018

When buying an off plan apartment, it is normal to be skeptical. It is not something that you can see or touch- all you have to trust is the blueprints given by your construction company. When looking for apartments in Melbourne for sale, you will get numerous offers of such properties, which are yet to be constructed. However, there are a few points to put in mind when looking forward to buy an off plan property.

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Make an early investment
Buying an off plan apartment enables you to lock a property with about 10% of the market value. Though the construction can take more than a year, you will still get your property at a lower price despite the appreciation of similar apartments within those years. An early investment not only helps you book your home on time, but also saves you money.

Maximized benefits of depreciation
When the apartment is finally complete, you get a brand new house. However, the tax law assumes that as it ages the value decreases. Some of the assets in your home that decrease include electrical and light fittings. They are tax deducted and will save you money annually.

Choose a property carefully
When you buy a property off-plan, you can choose the best one for you. Some little things such as an apartment with a good view, ample sunlight and quiet can add a lot value to your life. Enjoy the advantage of getting a chance to get an apartment that meets what you want; it will make the wait worth.

Check the contract carefully
Before you take a pen and sign the contract, go through the purchase agreement with a property attorney. Some of the major things to check in the contract are:
• Check the length the cooling off period
• Marketing plan and how much the developer has disclosed
• Who earns interest on the deposit
• What happens if you are unable to attain the finances required
• Who will pay for any defects on the property
• What happens if the property development is late or fails to complete
• If your contract is airtight – and a legal professional will be able to confirm or deny this. – You’ll have nothing to worry about.

Check the developer’s ground thoroughly
The developer should have a good reputation. Go to their website, but do not get carried away by the beautiful and tractive graphic designs. Research deeply and get to know them offline. Read reviews and talk to people who have worked in the past.

By searching their name using search engines, you can easily see any disputes and court cases against them. If you cannot find honest feedback from people who have bought property from them, the developer may not be reliable, so keep searching for an off plan apartments for sale in Melbourne.

In conclusion, buying an off plan apart is tricky. Make sure all details of the property’s plans are included in the contract and it will help you know if the developer keeps his word. Your apartment should be completed based on the initial unique specifications.

Jamie is a 5-year freelance writer who enjoys real estate. He is currently a Realty Biz News Contributor.
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