When you buy off-the-plan, not only can you pick your ultimate layout and design, but you end up with a home that suits your needs perfectly.
Home buyers are often faced with a big decision – do you go for an older existing home, or do you buy a brand-new home off-the-plan?
So, what are some of the top things you should consider when looking at buying off-the-plan?
1. Extra incentives
Buying off-the-plan means that you might be able to access a suite of different incentives available.
If you’re a first home buyer, many states offer extra incentives that are only available if you buy off-the-plan. Plus, until 31 March 2021, the federal HomeBuilder grant may also give you an extra boost on top of that.
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Financial incentives to buy off-the-plan may help make the numbers add up! Picture: Getty
Do your research and you may find that these extra incentives to buy off-the-plan may put home ownership within your grasp.
2. Sight unseen?
One of the biggest mental barriers some people face around buying off-the-plan is you’re buying something which doesn’t exist, yet. But that doesn’t mean that you can’t have a look at what you’re paying for.
A quality off-the-plan developer will have a display suite where you can check out some of the details of the new home.
Cameron Leggatt, Executive General Manager Development at Frasers Property Australia, says that visiting a display suite gives you the opportunity to ask important questions, such as appliance brand names, design details and wider community values.
“You can take a close look at all of the finishes like flooring materials, paint colours, tiles, etc, get a sense of the space and even use virtual reality tools,” Cameron says.
3. Pickers can be choosers
If you’ve been house hunting for a long time, you’ll know that the fine details of some properties are never quite right.
Buying off-the-plan means you can pick and choose the fittings and fixtures you’ve always wanted, Cameron says.
“You’ll love the way it feels and then get to fit it out the way you want,” he says.
Sam Carlson had been looking at buying existing homes for years with his wife, Sarah. It was only after taking a peek at Frasers Property Australia’s Minnippi Quarter, in Queensland, that they found a place that ticked every box.
At Minnippi Quarter, Sam could pick and choose the fittings and fixtures he always wanted. Picture: Frasers Property Australia
“We weren’t looking to buy off-the-plan, but we did one visit to the sales centre and signed on the dotted line in four hours,” Sam laughs.
“It’s exactly as we wanted it and we were super sold on the entire experience.”
4. More time to save
You might think buying off-the-plan simply means you have to wait longer until you can move in. But on the flipside, it means you can make moves to buy now and keep saving towards the deposit before the settlement date.
For Sam, this extra breathing space gave him the buffer to move from where he is currently living to where he wants to buy.
“It opened up our price range because we could have more time to save for a deposit,” he says. “And to save for the house that we actually wanted.”
5. That ‘brand new’ feel
There’s something a little special about anything that’s ‘brand-new’. Maybe it’s the knowledge that it’s something which has been made just for you.
New builds, such as Midtown MacPark, have new fittings and often warranties, as well. Picture: Frasers Property Australia
For Sam, the opportunity to have a cleverly designed, brand new kitchen and bathroom clinched the deal.
“We knew that being part of a high-quality build, the quality would be a part of it,” he says.
With a gas stove top, marble benchtops and a butlers’ pantry, he’ll be able to whip up the meals he’s always wanted to.
6. Ongoing costs
Putting down a deposit and paying off a mortgage is only part of the costs of owning a home. Utilities like water, gas and electricity are just a few of the ongoing costs of home ownership.
New builds typically come with the latest sustainability measures, which are not only better for the environment but also mean lower ongoing running costs, too.
Tap fittings and LED lighting can save energy and money, while design elements such as cross-flow ventilation, natural light and passive design reduce the need for heating and cooling.
Plus, when you buy off-the-plan, everything’s brand new, which means things are less likely to require ongoing maintenance.
7. Research the developer
Things don’t always go to plan – as anyone who lived through 2020 can attest to. Buying off-the-plan is no different.
Some projects can encounter issues that delay construction and impact your move-in day. That’s why you should always carefully research the developer who you’re buying with to ensure it has track record of delivering quality homes.
“Choose a developer with a strong tack record of delivering quality projects,” says Cameron. “You want a company you can trust and is committed to its customers.”
Research the developer and pick one you can trust. Picture: Eugene Hyland
For Sam, buying a home during the COVID-19 pandemic threw up some unexpected difficulties. But building with Frasers Property Australia was a silver lining.
“Because construction was one of the few industries that kept moving during the entire period, they’re actually ahead of schedule,” he says. “It’s definitely worked in our favour.”