Navigating the Buying off the Plan Process

Whether you’re a first home buyer, investor or empty nestor, buying a townhouse of apartment off the plan offers some serious benefits compared to other purchase methods. Buying off the plan is a term that refers to purchasing a property before it has been constructed. This means that buyers make a commitment to buy a property based on plans, designs and specifications provided by the developer or builder.

The concept of buying off the plan can be applied to different types of properties such as apartments, and townhouses.

What is Buying off the Plan?

Buying off the plan is a term that refers to purchasing a property before it has been fully constructed. This means that buyers make a commitment to buy a property based on plans, designs and specifications provided by the developer or builder.

The concept of buying off the plan can be applied to different types of properties such as apartments, and townhouses.

3 reasons why you should consider buying off the plan

There are several reasons why buyers may consider purchasing a property off the plan:

1. Price Assurance
   Buyers benefit by locking in a price at the time of purchase. Once you have paid the deposit to secure the property there is generally nothing further to pay until completion and settlement.
   
   
2. Cost of buying off the plan
   Purchasing off the plan in most cases does not cost more. The process of buying off the plan means you agree to a set price, and if market conditions rise, your property could be worth significantly more at the time you move in, than what you paid for it.
   
   
3. Location for less
   Often desirable suburbs can become more affordable when buying off the plan. This can have financial benefits as you’ll often secure a smaller slice of real estate with everything you need minus the hefty price tag.
   
   

The process of buying off the plan can be overwhelming for some buyers, especially if it is their first time. However, with a bit of knowledge and preparation, navigating through the process can be easier. To learn more, download our Buying Apartments & Townhouses Off the Plan guide here.