When you are searching for a home; you come across many options on the internet. You must have noticed on the T.V. and in newspapers that a housing development scheme is being constructed but is not yet complete. The builders and real estate developers advertise to buy houses and other accommodations prior to the completion.
What is meant by Off-the-Plan Property?
Off-the-plan property is a type which is under construction or is just beginning to develop. The investors have one aim for this development and that is to attract a high number of buyers. Even the Stop renting to own homes comes under this category. The investor offers different discounts and incentives to the buyers who make the first few deals.
Benefits of Off-the-Plan Property
Australia is a vast continent which has ample space for different development projects. These projects can include housing schemes and apartment buildings. It is somewhat different from other types as the buyers can view the fully built house after construction. But still, it has the following 4 advantages.
Prices are very low
When you are comparing this type of property with others; then you will know that the price for this kind is relatively lower. The main reason for this is that the developers want to sell out the maximum number of accommodations prior to the finish. The developers can also offer additional discounts to buyers who purchase multiple units.
The capital can grow
The capital grows with each passing year. If development has started in 2016 and is now completed in 2019; then the values of the property will be according to the rate of the current year. This increases the value with even if the property has been bought on a discounted price.
Re-sale value is high
As discussed above the value of the under-construction building will increase with every year; so will the resale value. The buyers can put the purchased property up for sale. Or there is another option of setting the house for rent; in which the other buyer pays the rent and can have rights to the property on completion.
The facility of a staged payment option
The Off-the-Plan Property gives the buyers the option of staged payments. It means that the buyer can make payments on different stages. Initially, a down payment is required which is not much, and then monthly or quarterly payments are made according to the buyers’ desires.
Fantastic Suggestions for Off-the-Plan Property
There are several property websites like Stop Renting Perth that specialize in many unique property purchasing options like Off-the-Plan Property. If you are confused about how to purchase through Off-the-Plan Property and what to do in the waiting time; then you must consider these 8 suggestions.
Hire a Real Estate Agent
You must be thinking why the mention of a real estate agent. The reason is that there are many individual agents that are not genuine or honest. The agent who you want to hire must be certified in order to make the Off-the-Plan Property deal. The expert agent has all the knowledge and information regarding the property.
Beware of the scammers
Many of the property developers are in reality scammers and they have one purpose of acquiring money through fraud. They can show you great pictures and tell you about the various development projects. But in fact, there is nothing at all.
Look into Stop renting to own homes
Some of the property developers give the buyers an option of giving the monthly payment but you can consider it as rent. You can even live in the under-construction house and keep on paying the rent as monthly installments.
Plan the loan correctly
In order to purchase the Off-the-Plan Property; the buyers have to provide down payment. For this, you have prepared for the finances. It can be a situation when you have the right amount for the deposit. But when you don’t have one then you have to apply for the correct type of loan.
Knowledge of the market is essential
Before making a decision the knowledge of the current trends of the price is necessary. The market must be thoroughly researched to know the right price of the Off-the-Plan Property. The market price depends on the location and the surrounding area.
Seek help from an expert
There are many legal rules and regulations that need to be understood before you indulge in a deal. An attorney must be hired so that he/ she can represent you throughout the whole purchasing process. The attorney can detect several scams and frauds when they are at the start.
Search for the right property
Australia has the most number of cities in which the Off-the-Plan Property schemes are underway. You have to select the right city and location that suits your profession.
Prepare the Shifting process in advance
When you are waiting for the Off-the-Plan Property schemes and especially stop renting to own homes; you can prepare for the shifting process. It will save your time and money of the shifting.