Buying Off The Plan by Andrew Champion

This article has similar relevance at Brightwater Estate due to its central location (Sunshine Coast Uni, TAFE, Beaches, regional shopping and hospitals, public transport etc) Morcraft Homes have "off the plan" new homes at Brightwater available to purchase, contact me anytime to discuss. "Buying off-the-plan can be a daunting and challenging experience yet is one of the most opportunistic ways to buy property in today’s market. The great Australian dream of owning and living in your own home is becoming less attainable however, the ability to purchase an off-the-plan apartment maybe the solution. Historically favoured by investors, off-the-plan purchases are becoming popular with owner occupiers in Brisbane, following 5 years of investment driven sales. By the Governments own predictions, Brisbane will demand 156,000 new dwellings over the next 22 years, 138,000 of which are proposed to be high density apartment developments, to cater for Brisbane’s growing population. We believe that this will provide entry level purchasing opportunities ideal for owner occupiers and investors in a competitively priced market. A market set to enter its next growth cycle. With 625 unconditional sales recorded in Place Advisory’s March Quarter report, totally $324 million, buying off-the-plan is proving popular in the Brisbane market place post GFC.

So, What exactly does buying off-the-plan mean? An off-the-plan purchase involves buying a property before it has been built or one which is currently under construction. A purchase is made by studying a set of architectural plans and a list of internal finishes, rather than inspecting a finished product.

Buying early offers the choice of the best apartments. Due to the longer settling period, when the project is complete, the apartment is often worth more than what was originally paid. The longer settlement period also allows buyers first choice of apartments. Recent years have seen inner city developments come back on the radar and for owner occupiers and investors alike due to an overall market price correction. Purchasing an apartment within five kilometres of the CBD, close to employment, infrastructure and lifestyle driven amenities is a wise purchasing decision. You are buying an apartment with a 10% deposit, at today’s prices that offers great potential.

It is encouraged would be buyers to contact a broker to obtain finance for off-the-plan purchases. He has had a number of clients buy off-the-plan in the last six months as the process itself is very streamlined and convenient. The major benefit of going through a broker is more options and flexibility. Buying off-the-plan allows flexibility with lenders and buyers the option to supply the 10 per cent deposit through cash, a bank guarantee or equity. The clients do not physically need the cash to make up the 10 per cent. For those looking to enter the market, buying off the plan offers a real alternative.

Want to know more? Contact Andrew Champion Mobile Or call into our Brightwater display home At Cnr Mackerel St & Yellow Fin Circuit, Brightwater (Mountain Creek)