Off the plan

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Advantages of purchasing off the plan

If your property increments in value as it’s being built you can exploit capital growth,

Many developers offer lower prices before development has begun.

You can regularly secure a property by paying a 10% deposit to the developer and you should not have to pay the balance until completion of the development.

You can claim depreciation, etc. if you’re purchasing as a investor, and get Stamp Duty exclusions in a few states and territories.

Risks

Sometimes, the development doesn’t proceed. You ought to get your deposit refunded.

Check the bylaws  e.g. if they permit pets

If interest rates increase or the property market falls it might wind up costing you more than you initially estimated.

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