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Your Off-The-Plan Checklist

Buying a property off the plan provides great benefits such as cheaper pricings and wider selection of properties, however, there are many factors you need to consider before you sign along the dotted line.

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To ensure you are well informed before giving your autograph to the bank, follow the checklist of considerations below. 

1. Visit the property site and check to see the development within the area. Are there any other constructions going on that may taint the value of your property? Is your property close to infrastructure?

2. Carefully inspect the display office. Make sure you look at the calibre of finishes and materials used.

3. Do your homework – research the builder and the developer to ensure you feel comfortable with the finished standard. Which Property only recommend properties from developers that have a pristine reputation on providing nothing but the best of quality for our clients. However, still do your research to make sure you like their work. 

4. Choose a location to suit your criteria and lifestyle. Location plays a vital role within purchasing a property so ensure the area you are purchasing in is a well-established suburb or a growing suburb. 

5. Study the floorplans. You’re purchasing this property to live in or to rent out. Make sure the floorplan design is sensible for you and your needs. 

6. Make sure all the features and items within the display (such as the oven, dishwasher, stove and window furnishings) are included within the property and investigate the brands of these to make sure they’re reputable.

7. Ask to see samples of the materials used within the property to assess the standard and the quality.

8. Familiarise yourself with the on-going costs like the water rates, body-corporate and council rates.

9. Determine how secure the building is. You want your new home to be safe and have security precautions put in place to ensure the protection of your new home.

10. Participate in a pre-settlement inspection. This inspection is to ensure everything is up to the promised standard, and there are no damages to the property that could have occurred through construction. The buyer usually completes this with the optional assistance of the agent.

11. Research the current market. Determine when is the best time for you to buy and what locations are set to perform well in the near future.

12. Don’t fall in love at first sight. Buying a new home is an emotional experience, however, make sure you ‘shop around’ and focus on the hard facts like capital growth rates, vacancy rates and rental yields.

13. Determine your finances. Make an appointment to see our strategic partners at Astute to determine your affordability and to also understand all the costs involved with purchasing a new property.

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