6 tips in buying a first home off the plan

Many buyers get swept up on a wave of rising property prices when they hand over their deposit in exchange for a floor plan. Historically, the property is a consistent long-term performer, but property prices can plateau and even wine at the mercy of economic factors.Buyers also need to be wary of over-supply, which may devalue their property.

Make sure you consider the bigger picture if buying off the plan. Research how many other developments are planned in the area. Also find out if any increase in apartment numbers is justified by new or improved infrastructure, such as transport corridors, business precincts, universities or hospitals.

Make sure you purchase from a reputable builder and take the time to research their previous projects. Do they use quality contractors? Do they deliver projects on time? Make a point of visiting some of their projects so you can assess the finished product first-hand.

Step by Step Procedures to buy a home in Australia off the plan:

Planning to invest somewhere is a big a decision. before investing your money make sure that you are investing money in the right sector. Before buying any home first of all talk to your financial advisor for the best suggestion. Try to speak to your tax lawyer as well also. Make sure you have got the right advice from your advisor.

Ensure that if the ongoing project is not completed or stopped for any reasons, you will get your money back. The best option is to make sure your money refund if the project is not completed within the time.

Make sure the contract paper is containing the highest details including the pros and cons as possible about the project. This part is very important because if the project is not finished somehow, they won’t be compel to pay back your deposit.

Be clear on what finishes and fixtures you can customise.

Find out if you can on-sell during construction in case your circumstances change.

Ask if you can inspect the site during construction.

Talk to a Finance Expert about the right loan structure for your circumstances.