You only have to look up and do a quick scan of the skyline to see how jam packed it is with cranes at the moment as the development of new apartments picks up pace. Right now the Gold Coast is seeing a resurgence in development along the coast, from Main Beach to Broadbeach and Brisbane’s hotspot is in Fortitude Valley.
When you make the decision to buy a new apartment though, you will more than likely buy it off the plan. There are a few things you need to consider when buying an off the plan property though, especially if you are a first home buyer.
Buying Off the Plan as a First Home Buyer:
If you’re a first home buyer purchasing an off the plan property one of the most obvious benefits is the long settlement time, which provides you with extra time to save and plan for settlement.
As well as this in many cases you will be able to earn interest on the deposit you make on the property, as it is often invested by the developer.
Of course when buying off the plan you also have the opportunity to customise the fit and finish of your apartment. While each development is different you usually have the option to choose the finishing materials, such as flooring, cupboards and benchtops, or even the appliances that will be installed.
Tips for First Home Off the Plan Buyers:
- Do your research and don’t jump at the first property you look at. Apartments are going to be a better investment if they are well connected to public transport and have amenities nearby.
- Know your financial limits and check your borrowing capacity before you start looking at properties. Looking at properties above your financial capacity will only put you off the places that are more affordable.
- Research the developer of the property and make sure they have a good track record with past developments. It doesn’t hurt to go and look at some of their past projects to see the finished quality you could expect.
- Have a chat to a property lawyer who will be able to provide you with more information on the benefits and risks of off the plan developments.