The excitement of being the first person to own a newly built home does not have any comparison. If you are planning to buy off the plan, it is a good idea to get an understanding of what you are buying and how it will work for you. Research is the key to a smooth experience. If you get in early enough buying off the plan offers you some flexibility to choose your floor plan, layout, fixtures, and colour schemes.
Here are some things you should consider if you are looking to buy a property in a multi-unit development:
Find out about the development team
Before buying in a property development, do good research about the designer, developer, and builder to make sure they enjoy a good reputation. The developer is responsible for ensuring the properties are built to specification and finished as quickly as possible.
Design
A good property design is appealing to the eye and translates to greater resale value. When buying a new home, pay attention to the total unit area and any outside or other private open spaces. A nice open plan living/ dining/ kitchen area and functional layout are good design elements that you should look for. You may also give design ideas to the developer, who may be able to implement them if it is early enough in the project.
Proximity to Lifestyle Facilities
Multi-unit developments close to lifestyle facilities, including shops, transportation, hospitals, schools, supermarkets, cafés, pools, gyms and parks, offer easier living for residents and improve the likelihood of getting better resale value.
Parking
Parking space is an important consideration when buying off the plan. Consider how much parking space is available for you and your visitors. Is your car space secure? Can visitors easily park when they drop over?
Some Important Tips For Buying in a Property Development
- Ask for a clear list of all fixtures and fittings, kitchen appliances, light fittings, and carpets.
- Get the documents checked by a solicitor before you sign the contract.
- Make sure that there is a fixed date for completion of construction. Otherwise, you are free to get the contract dissolved and have your initial deposit refunded. Find out if there are penalties for withdrawing from the contract.
- Review the contract in detail for clauses about commencement and information on your right to re-sell the property.
- Consult with a solicitor or conveyancer to closely check the terms of the contract to make sure your rights are protected.
You can always discuss your expectations with the developer. Make sure there is mutual agreement with the developer on some or all of your expectations and have them written into the contract. This will help avoid disagreement between both parties at the time of completion. Remember, if it is not in the contract it is unlikely you will get it included in the finished property.
Buying off the plan can be a great way to buy a wonderful new home with plenty of time to prepare for your move to your new property. Just make sure you take the time to make the right decision.
If you have other suggestions on things to consider before buying off the plan please post a comment below or email us love@gehde.com.au
