Buying a new apartment off the plan? Here’s what you need to know

If you’re dreaming of moving into your own brand new apartment in an area you love, you’re not alone. Buying an apartment off the plan is a great option, with some major benefits.

When you purchase off the plan you have an opportunity to secure a beautiful new home in an exciting development, that’s been built with the latest trends in mind.

An off the plan apartment can be a great way for first home buyers to get onto the property ladder and the low maintenance of these properties make them an attractive option for couples, downsizers and retirees. Tenants also love new builds, so buying off the plan is a great investment choice too. 

If you want to know more about the process and advantages of buying off the plan to decide if it’s the right decision for you, read on.

What does it mean to buy off the plan? 

Buying a property off the plan means you are purchasing an apartment that hasn’t yet been built. This is unlike other property purchases, as the product you’re buying will be completed in the future rather than one that is finished and can be viewed prior to sale. 

To secure the property, in most cases* you’ll enter into a contract with the developer and pay a deposit. The balance is due when building is complete. 

The floorplan is usually already set but as the buyer, you can often customise some of the details of your new home, such as the colour scheme, carpets, tiles and benchtops.

Is buying off the plan right for me? 

Buying off the plan can be a great option for all buyers and it is an increasingly popular choice for owner-occupiers and investors, who recognise that it represents good value compared to other home ownership options. 

If you’re considering purchasing a property this way, take your time to find the right location and development that will suit your lifestyle needs, now and in the future. 

Make sure you're reasonable with your budget. Off the plan purchases usually come with a set of inclusions but if you want to make changes to these, it may come at an additional cost, so be mindful when comparing pricing. 

Above all, look for a reputable developer you can trust, who will make sure your project goes to plan. 

For more details and examples of how the purchase process works for apartments and other property types download our free ebook: Buying townhouse and apartments off the plan in a Cedar Woods community.

Advantages of buying an apartment

Apartments have long been a popular choice for buyers who don’t want to live in a traditional house, as they come with a wide range of unique benefits:

• Low maintenance - with little or no garden to take care of and a body corporate looking after communal areas, you’ll be able to spend more time doing the things you enjoy.
• Convenience - living in an apartment complex usually gives owners access to a range of amenities that they might not get with a house, for example common gardens, a swimming pool, gym and guest parking. 
• Security - apartments typically offer a high level of protection. This can include a security system, secure parking facilities and the peace of mind that close neighbours look out for each other - great for anyone who wants to ‘lock up and leave’ for periods of time. 
• Options to capitalise on your investment - In the long term you can leverage your apartment as an investment or or use it to propel you to your next property goal. 

Conclusion

Whatever your stage of life or reasons for moving, a new home is a great investment for yourself and your family. Depending on your goals, buying an apartment off the plan is an asset for home owners and investors. Simply move in and enjoy the benefits of a brand new home that’s low on maintenance and high on convenience and security. As your lifestyle needs change, you can leverage your investment to make your next move on the property ladder. 

Read more about buying other property types off the plan or check out our First home buyers guide to building or buying a new home.

*Some regional variations to the contract process apply.