Off the plan purchases are appealing to both first-home owners and investors for various reasons. This could be due to the property being brand new, affordably priced or ideally located, among other factors. Purchasing an off the plan property can be a great idea, but there can also be risks involved with off the plan purchases.
If you’re planning on buying an off the plan house in Melbourne, Easy Link Conveyancing can provide invaluable assistance. We have a team of experienced conveyancers who can advise you on buying off the plan in Melbourne. Our experts can assist you in getting a better understanding of buying off the plan with a building that doesn’t exist yet, helping you to understand all the details and obligations of the deal you’re getting into and the contract you need to sign. After the property has been purchased, we’ll be in regular contact with the vendor to ensure you’re kept up-to-date in regards to the progress of construction. We’ll also make sure all related documents are ready for when the off the plan settlement process starts.
What is Buying Off the Plan?
Buying property off the plan is when a party enters into a contract to purchase a property before the construction process and/or the property subdivision process have been completed.
How Does Buying Off the Plan Work?
Anyone buying property off the plan will have to rely on computer-generated images, floor plans and looking at a sample display home to decide if they want to purchase the property.
The main advantage of buying property off plan is that the purchase price is agreed upon before the building has been built, and the buyer usually only has to pay a small deposit. In addition, buying property off plan means that the buyer may be able to pay less for a property during its development, as prices can increase by the time construction is complete.
Buying Off the Plan Tips
Find out as much information as possible on both the builder and developer prior to entering a contract with them
Ensure the price is correct
Plan how you will be able to pay the purchase price upon settlement
Know what exactly you’re purchasing
Learn about how house variations can lead to the price going up
Contact Us Today
Easy Link Conveyancing can guide you through the off the plan settlement process. Give us a call on 1800 EASYLINK or contact us online today if you have any queries about off the plan conveyancing.