Our Conveyancer's Guide For Off-The-Plan Purchases

If you're thinking of buying an off-the-plan property, there are a few things you need to know. Our conveyancer's guide for off-the-plan purchases will help you navigate the process and understand the risks and benefits involved. Read on for everything you need to know.

An off-the-plan purchase is the buying of a property before it is built or during construction. It refers to the acquisition of buildings, apartments, townhouses and other real estate projects that are yet to be completed. During such purchases, buyers usually pay deposits and sign contracts for their chosen development, thus allowing them to be among the first to purchase when construction concludes. Off-the-plan purchases can offer buyers numerous benefits such as reduced prices and increased capital growth potential due to increased demand from future buyers.

Buying off the plan offers a number of benefits: 

• Gain certain tax advantages and purchase a property before it is even built
• Off the plan purchases can provide the perfect opportunity for investors who want to capitalise on appreciation in an area that is undergoing gentrification and rising values
• As the buyer, you will have full control over the design of your new home, with features and finishes tailored to your individual tastes, while also potentially benefitting from cost savings due to bulk buying of materials
• There is usually no requirement for a large deposit or stamp duty payments up front. Buying off the plan allows buyers to secure their desired property early, providing security and peace of mind

When it comes to buying off the plan, there are a few risks to consider. Firstly, the area may not have been developed at all or up to the advertised standard.

Secondly, there is a chance of incomplete infrastructure development – roads and utilities may be unfinished.

Thirdly, there is a risk of legal dispute between you and the developer if there are delays in construction or contract changes made by either party.

It is important to weigh these risks up against potential financial savings when considering whether buying off the plan is right for you.

Purchasing off the plan can be a smart investment due to increased future capital growth. To make an educated decision for this choice, there are several factors to consider.

• Research the area and evaluate infrastructure, local services and demographics
• Analyse developer track records and inspect any existing similar-style apartments in order to assess the layout and quality of build
• Consider hidden extras such as extra fees that may not be immediately visible when investigating sale price

By taking these steps towards making an informed decision, buyers can move forward with confidence that their off-plan purchase is a sound one.

Our experienced conveyancers are here to make your dream home purchase a reality. Whether it be an off-the-plan apartment, a brand-new house and land package, or any other form of property purchase, our dedicated team can guide you through the process and ensure your purchase is as efficiently managed as possible.

At Masons Solicitors, our services include checking contracts, legal advice on securing home loans and the investigation of potential risks related to the purchase, ensuring title transfers are complete and legal obligations have been met promptly.

If you are considering purchasing an off-the-plan property, get in touch via our contact form or call 07 4639 3116 to arrange a consultation with one of our experienced solicitors. Our team is experienced in handling these transactions and will work with you every step of the way to ensure a smooth purchase.