Buying off the plan has become increasingly popular over the last 5 years across Australia. Buyers are more interested in buying off the plan properties due to the convenience of the home being brand new, time to save plus potential government and developer incentives.  

Whether it’s house and land packages, apartments, units, or townhouses, choosing whether to buy off the plan or purchase an established property requires careful consideration. However, there are many incentives for buying off the plan. Here are some for consideration.

Deposit Options

With off the plan buying, you will be required to secure your purchase with a deposit and in many cases the remaining amount will be paid at the time of property settlement. The construction time can often provide you with an extended period to save and earn interest.

Buying established property usually requires a deposit of 20% which can take a long time and cause delays for people entering the property market. With off-the-plan you generally only need to pay 10% or perhaps even less to secure your property, and then you have time to save the remainder of your deposit. With an established property, this type of flexibility is not an option.

Possible Financial Grants

Off the plan is often eligible for numerous concessions from the government. You may be eligible for government incentives when buying off the plan such as the First Home Owners Grant (FHOG) if you are a first home buyer. You may also receive a concession for stamp duty if you are an eligible first home buyer or intend to have the property as your principal residence. Savings can be in the tens-of-thousands of dollars, making buying off-the-plan an appealing way to get your foot on the property ladder.

At times this can apply to investors too. Federal and State Governments may look to incentivise investors towards new property to help stimulate the construction sector of the economy.

Latest Design Infrastructure

Buying off the plan gives you the comfort and luxury of all the latest infrastructure, including the fittings, fixtures, and finishes. As the property is newly built, you have the latest in popular features, architecture, and designs that only a newly built home affords.

Location and Community

One of the main advantages of buying off the plan is their master-planned community living. Off the plan developments usually target newly established suburbs or prominent and sought-after locations. You can expect an enhanced lifestyle. Many off the plan developments have amenities like schools, transport, hospitals, supermarkets, and parks nearby. With new land estates and house and land packages, you’re offered more planned and structured amenities and communities. Apartment complexes are usually built within sought-after locations and the apartment buildings can come with a tailored lifestyle. These lifestyle-based elements are a great incentive when looking at off the plan purchases.

Design and Finishing Changes

While buying an off the plan property, some builders and developers provide an option to customise certain aspects of the property or offer different levels of finishing packages to customise your property. Depending upon your property developer, you may be able to customise some of the design for your home.

These design changes become more affordable as you are making changes in the very early stage of design and construction rather than updating an existing property. More commonly developers will offer a choice of predetermined colour scheme and finishing packages or upgrades. These are often a very affordable way to customise your property when buying off-the-plan. Check with your developer or broker to see if you can customise elements of your new build.

Choice

When purchasing an established property, you typically have little choice or input when it comes to finding a property that suits your requirements. You can only choose from what is on the market at that given moment that best suits most of your preferences. You may not get your preferred home layout, property features or location, often having to settle for the closest option available to you at this time.

Dependant on what stage of the project you are purchasing, buying off the plan can give you more choice into the location and again the finish of the property. For apartments, you may have the choice of what floor it is on, aspect to face or choice of floorplan type. With houses, this can mean choosing a position or design that has a better solar alignment, is closer to the park or other amenity the estate offers. Buying off the plan means you have more choice, which may have a positive impact on the return on your investment or overall enjoyment of the property over time.

With Off The Plan™, you can browse exciting off the plan projects, new estates and new development properties in NSW, Queensland, Victoria, Western Australia, and all across Australia.

Our state-of-the-art online property portal provides you with a one stop shop to find all the latest off the plan property listings and projects. Find your dream home or your next investment property through Off The Plan™.