The pandemic has brought many new realisations to our everyday life. That includes what we purchase, and how we purchase them—including properties.
Property buying is a journey that contains many different options and buying an off-the-plan apartment has always been one of the wiser ones.
Especially at this time, it presents a brilliant opportunity for all home buyers, both first homeowners, and seasoned home-buying veterans.
The Benefits of Buying Off-The-Plan
The biggest advantage to purchasing an off-the-plan apartment is that as a home buyer, you are offered the unique opportunity to put down a fraction of the final cost for your home, often with no additional fees required until settlement.
This gives you the chance to do some financial planning and plan for this new responsibility. It is crucial for every home buyer to have a clear, long-term plan of action with money.
A property isn’t a small purchase, you’ll need to know exactly how this expense fits in your future to avoid unnecessary stress.
Buying property off-the-plan is an ideal way to do all that as it allows you time to consider your decision and make a move without the immediate, pressing financial obligations.
Chances ‘COVID Dip’ Presents
COVID-19 taught the property market a big lesson with the COVID dip. The housing market abruptly staggered downwards when the pandemic first struck and buyers and sellers were unsure of the future and afraid of transacting. Its effects can particularly be seen in the pricing of new off-the-plan property options.
So what should you do?
The decision to buy off the plan during COVID can be incredibly lucrative. It is important for you as a home buyer to know how to use this situation in your favour to get the most benefit possible; knowing how such information can bring you wealth can be incredibly beneficial.
How Off-The Plan Can Work Well For You
Off-the-plan property options can work very well with your needs. It could rise in value after you’ve entered a contract and become an investment opportunity as well.
1. The benefits you are eligible for
You can communicate with the developer to gain more information on residence requirements, homebuilder grant, homeowners grant, stamp duty concession, and all the third parties involved in this particular project before you enter into a contract.
It is always a good idea to consider your own personal information and situation when making a property-buying decision.
There are a lot of organisations, for example, the government, to help you get your dream deal. You just need to see what you are eligible for.
If you are a first home buyer, you should look into the first homeowner grant. Eligible first home buyers can access the $10,000 NSW First Home Owners Grant if the purchase price does not exceed $600,000.
2. Extra freedom
Buying a property this way gives you the freedom to communicate your wishes of a dream apartment straight to the developer so that your unique needs can be satisfied.
The development is still ongoing so you have a lot of room to express what you are after—what a dream! It’s a tempting perk no matter if you are a first home buyer or not.
You can choose a particular level and building and even apartment model. And the developer will make sure to identify any potential problems and notify you posthaste about any progressions. They’re as excited about your new apartment as you are!
What is Buying Off-the-Plan like?
Although the building is probably not completed yet for you to have a physical visit, developers, and construction companies have been creative with giving you a good idea of what your new apartment will look like.
The property and development sector is always quick to give flexible options for private and virtual inspections of the site.
These types of inspections are relatively common for off-the-plan developments and have proven to work very well for the buyer.
Off the plan buildings are brand new, meaning they can often come with stamp duty savings and other grants. Don’t be shy to contact the developer to get more details on how the government can help you save some extra money
Many developers are also offering numerous incentives to assist buyers in the process of purchasing an off-the-plan property, especially during COVID-19. Try your best to contact as many different projects as possible to conduct thorough research.
These can include schemes such as rebates, discounts, and even upgrade packages. With no one spending money on brunch (shall we also say, avocado toast?) now is the best time to buy off the plan.
All in All…
If ‘Savings’ & ‘Discount’ have your name written on all of them, and with COVID-19 not going anywhere anytime soon, you should consider buying off the plan.
New apartments that are purchased off the plan are competitively priced with lower minimum deposits, and can often appreciate in value before the development is even complete.
Off-the-plan apartments are often concentrated in high-demand suburbs, with close proximity to shopping hubs, public transport and local amenities.
Moreover, they are able to offer more upfront security options, with many locked to resident-only access.
When buying off the plan, you might actually end up with more cash up your sleeve availing grants and schemes by developers and both State & Federal Governments. Address your needs, do your due diligence and use this opportunity to make the most out of your present.
Want to know more?
Purchasing a property isn’t easy and we are here to assist all home buyers to sign their dream real estate contract. We can arrange a phone call, a virtual meeting, or an in-person private appointment with you to answer any queries about buying off the plan.
Moreover, exploring 3D Floor plans can be a good option as well for prospective buyers who might want to look at the layout of a property remotely during the pandemic.
For further information on how to get into the Sydney property market, get in touch with Liviti on (02) 9056 4311 or check out what apartments are currently available. Also, you can always fill in this application form to register your interest.