We're considering buying an apartment off the plan in a desirable village 7km from the CBD. It's an area with a few new developments springing up and a good investment..the developers are very reputable and large so that doesn't worry us. It won't be ready for two years which gives up time to pay stamp duty before we move in.
We are however a couple with a small child and its our life savings for the 10% so we're naturally nervous. We can't afford to buy a house and don't want move out of the area. The feeling we may miss out on a good development is propelling us a bit. Sydney will only be more expensive in two years!
We can research risks on the net so I'd really love to hear from individuals who have personally bought off the plan. Positives and negatives from your own experiences would be really helpful.
Thanks in advance!
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18-07-2016 20:41 #1
Buying off the plan?
19-07-2016 02:31 #2
My SIL (Melbourne) bought off the plan a few years ago. I don't believe she had any problems and was really happy with the end result. I think there is a massive saving on stamp duty for buying off the plan (unless I am misinformed?)?
Hers was a townhouse so a bit different I believe she was able to negotiate some of the finishing details with the builders to personalise it a little.
I think just do your research and ensure that's definitely where you want to live, not just location but practicalities etc - size of apartment, parking, facilities, noise in the area etc. I don't know how it works if you change your mind or if there is any insurance available (ie something major happened and you needed to pull out etc).
19-07-2016 05:51 #3
It's not something I would do, but there are definitely plenty of advantages. If after 2 years, you change your mind, you can always sell your unit before settlement, so you only ever pay the 10% deposit and still make a profit (you would hope!).
19-07-2016 18:16 #4
19-07-2016 19:22 #5
We bought off the plan 7 years ago and I had to live with my in laws for 9 months (!) while the units were built. Best thing ever. The area has really grown and units in our building are selling for almost double the price already. If it's a good area and you have lots of information about what you're buying, I'd say you can't go wrong. If you can wait two years!
19-07-2016 19:59 #6
Buying off the plan?
The development is near Dulwich Hill. What our research is telling us is that if we bought tomorrow we could get an older apartment for less money in the area. We know it's got a decent price tag as its new and they need to make a profit.. We just like the idea of buying new now and feel the area is lovely and will only increase in demand.
Was your apartment more expensive than older ones in the area when you bought?
19-07-2016 20:36 #7
I've got a few friends who live in Dulwich Hill ( DS school is close by) one of my agent friends just bought one of the apartments off the plan on Canterbury Rd, the whole area is being re vamped and tons of new shops and restaurants are going in as well, it's a great area and so close to the city - I think it sounds like a great investment - most of the older units were built in the 60,s and 70,s so are staring to need major renovations so I'd go new over old!
19-07-2016 21:40 #8
There are speculator investors who do buy & sell off the plan before completion to make profit. But if you're looking for a home, this isn't generally something you would do because you still need somewhere to live.
You also need to check the contract to make sure it's possible to do, but generally it should be allowed.
20-07-2016 06:21 #9
We didn't really research the area to be honest. We were looking in Alexandria for ages and for the same price as a crappy place there, found our place which is huge, was brand new and just next suburb over. Looking back now the price was measly compared to what's selling now but it seemed like a lot at the time. But less than ready built places. And totally worth it now.
20-07-2016 06:41 #10Senior Member
- Join Date
- May 2014
We bought a unit off the plan. We had the plans looked over by our conveyancer who made some changes to our contract (things like changed the location of our carparks to make them more convenient for us), and we had them do some extra wiring before gyprocking for a home theatre type set up. It all went smoothly and we were really happy with the end result. I would buy off the plan again if it came down to it.
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