Buying off the plan has many perks and believe it or not, this is mainly because it involves buying a brand-new property that comes with brand-new fixtures and fittings, and also because it gives buyers much more time to get their affairs in order before moving into a new home.
With that said, like any major investment, you need to do your research before signing on the dotted line. Here are the 6 major benefits when you buy an off plan property in Australia!
One of the biggest and well known reasons for buying off-the-plan property is a potential for huge stamp duty savings. Stamp duties can burn, especially when you’re a first timer, so saving on stamp duties are very favorable.
You may be eligible for thousands of dollars worth of tax deductions. Get a full depreciation schedule from a quantity surveyor once you settle in your property, as this will make it far easier for you to claim tax deductions on your home’s fittings and fixtures at the end of the year.
It goes without saying that a brand new home – if well built – will not need the ongoing maintenance that an older property often needs. This could potentially help when you’re putting together a budget of what you can afford, as you won’t need to factor in high maintenance or renovation costs.
Changes to the Australian Building Code means new properties must meet stringent energy efficiency requirements. Your off-the-plan home should be fitted with some of the most power-saving appliances and gas/water/electricity systems on the market, which is a big plus bonus for owner, occupants and future tenants alike.
You might want to check out how to get a home inspection before you buy a home in Australia.
Buying off the plan allows you to buy at today’s price. In a competitive market, this often means you will own a property that’s worth more than you paid for by the time you move in.
Buying off the plan is one of the easiest ways to get into the property market. You only need to pay a 10% deposit. The balance of the purchase price can be paid at settlement once construction is complete (which might take six months or longer).
Perhaps you can use this time to save for moving costs, furniture, the home and your house-warming.
Some people would still prefer to look for concrete and existing homes, and here's why they want to invest in Australian ones!
Buying off plan property has plenty of advantages, and it is a great option to consider.
This article is written by Angela Chen.
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