The benefits of buying off the plan

For some people, the idea of buying a home that hasn’t actually been built yet can be a cause of some concern. However, buying a property off the plan can also have a number of benefits for buyers. It all comes down to your own priorities and situation. Whilst recent changes by the State Government have limited the stamp duty benefits of buying off the plan for investors, (unless they act before June 30

1. Potential stamp duty savings

th,

2017), there are still huge savings to be enjoyed by those buyers who are purchasing their own home off the plan. By buying off the plan you are securing a brand-new home that comes with guarantees, both on the structure of the home and the appliances within it. This can make a huge difference to your ongoing maintenance costs when compared with buying an established home. It is often overlooked, but today’s building standards require all new properties to meet higher energy efficiency standards than those of the past. This means that you, (or your tenants if you are buying an investment property), will enjoy the cost benefits of more efficient electricity, gas and water us. If you are buying a property as a rental investment, you may be eligible for thousands of dollars’ worth of tax deductions through depreciation allowances on the property. In this situation, you should always obtain a depreciation schedule from a qualified Quantity Surveyor to ensure that you are claiming your full entitlement. By purchasing off the plan, you are securing a property at today’s price. In a rising market, such as we have been experiencing in this area for several years now, there is a chance the property will be worth more than you paid for it by the time construction is completed and settlement occurs. When you purchase a property off the plan, you pay a deposit which secures the property in your name and do not normally pay the remainder of the purchase price until your home is complete. This gives you additional time to save while the property is being built, (a huge advantage for first home buyers among others). As we mentioned earlier, the benefits of buying off the plan will vary depending on your priorities when buying, and your situation as a buyer. However, if you are interested in learning more about the opportunities to explore this type of purchase, you will find details on some of the most exciting new projects in the Preston area by following these links: 2, 3 & 4 BR Townhouses in Swallow Street 2 BR Townhouses in Plenty Road 3 BR Townhouses in Hawker Avenue .

1. Maintenance cost savings
2. Energy costs savings
3. Depreciation benefits
4. Potential Capital Gains
5. Extra time to save