Buying a property off the plan, purchasing a property before it is built is a popular method of purchasing a new home. This process brings many benefits to the buyer that are not always available when buying an existing property. Here we discuss some of the benefits of buying off the plan.
- Lower prices
One of the most significant benefits of buying off the plan is that the prices are generally lower than completed properties. Developers usually offer discounts to buyers who purchase off the plan as they try to sell properties before the development is completed, or sometimes even before it has broken ground. This means that you can secure a property at a lower price than what it would be worth when the building is completed. - Customisation
When you buy off the plan, you have the opportunity to customise your property. You can work with the developer to choose the fixtures, fittings, and finishes that you want in your new home. This means you can design your home to suit your taste and lifestyle. There are often set package choices available to you but any variations to this can be discussed at the time of purchase. - Capital growth
Buying off the plan can be a great investment as property prices generally appreciate over time. By the time your property is completed, it may be worth more than what you paid for it. This means you can make a profit if you decide to sell the property later. - Tax benefits
Buying off the plan can also offer tax benefits. For example, if you purchase an investment property off the plan, you may be able to claim depreciation on the building and fittings. This can help to reduce your taxable income and save you money. - Reduced maintenance costs
When you buy a brand-new property, you can expect to pay less in maintenance costs than if you were buying an older property. This is because everything in the property will be new and in good condition, which means you will spend less on repairs and upkeep. This also provides you valuable time back that you may otherwise have spent on a renovation or revamp of an older property. - Longer settlement periods
When you buy off the plan, you usually have a longer settlement period than if you were buying a completed property. This means you have more time to save money for the deposit and other associated costs, such as stamp duty and legal fees.
Buying off the plan can offer a range of benefits. You may be able to secure a property at a lower price, customise your new home, enjoy capital growth, receive tax benefits if your property is an investment, pay less in maintenance costs, and have a longer settlement period. However, as with any investment, it is essential to do your research and understand the risks involved before committing to a purchase.
Speak to one of the Division team today about buying off the plan and opportunities that we have available.
