Want to know more about purchasing a new property off the plan? Here are some helpful tips that will explain the benefits on offer to you and why it’s a better choice.
Buying a brand new property off the plan has never been easier than today, especially for those thinking about doing so for the very first time. Why? Because the path to purchasing a new property has become so simple and customer centric that many believe it’s a more beneficial experience compared with buying an existing property. Here are the real benefits to buying new!
NO PRESSURE OF AN AUCTION
Everyone probably knows of an auction horror story where on the day of the auction there were dozens of serious bidders, enormous pressure on purchase hopefuls, and a bidding war that sent the final price of the property well over what many could afford.
Thankfully this dreaded scenario does not exist when buying a new property. In-fact the process is quite the opposite with buyers able to leisurely browse and take their time researching and comparing the market. There is no competition or stressful auction day where buyers are hurried into doing their due diligence and organising finance, let alone missing out.
For first timers, this is a welcomed relief where they can visit a new display suite and discuss their purchase with a sales agent who can show them an entire range of property at a time that suits them and their final purchase involves no other competing parties.
TAKE YOUR TIME RESEARCHING AND DECIDING
A huge advantage of buying new is your ability to enjoy browsing and find out everything you need to know. With no pressure of an auction deadline and plenty of useful online tools, websites, property data and sales advice, taking your time to properly research which property you will buy can become an empowering and pleasurable journey.
LOCK IN A PRICE TODAY
Buying new means you can purchase a property today at a price that has been locked in however you still have the entire construction period (usually 2 years) to save the remaining purchase amount.
This means you are already on the property ladder without having to wait any longer and as property prices continue to move up (particularly in the Sydney area) your investment is moving too.
SORT OUT YOUR FINANCE LATER
Most new property transactions only require an initial 10% deposit of the overall purchase price to successfully secure the sale. This is an advantage for many because the pressure of having to come up with the full amount is not required until the property is completed.
YOUR HOMEWORK HAS ALREADY BEEN DONE
When buying a new property from a reputable developer, it’s safe to say that they have already done the homework for you by building something in a particular location that they too believe will grow. These days, credible and successful property developers who care about what they are creating are more likely to try and identify the areas to live in that are growing the fastest. Purchasers can usually ‘piggy back’ off their vision.
GET MORE TRANSPARENCY
The process of buying new is arguably a much more open, clear and transparent experience that empowers buyers to make an informed and unhurried decision. Most off the plan apartments have already had their price set so buyers know exactly what the cost of their apartment is without any further increases, bidding wars or last minute surprises. All sales and investment information about the development is readily available to purchasers which is not only a big time saver but can better help them make an informed choice.
FIRST HOME BUYER’S GRANT AVAILABLE
To help first home buyers obtain finance, the NSW Government offers a $10,000 First Home Buyer’s Grant to new property priced under $750,000 for buyers planning on living in the property for at least 6 months. First Home Buyers will also be eligible for a stamp duty exemption or concession depending on the price of the home (up to $650,000 in NSW). This helps to reduce your loan value and makes buying a new property more affordable.
Like to know more about Harts Landing? Check out the project details here: