Firstly, you might be wondering what is buying off the plan and what does it entail?
Buying off the plan means you’re buying a property that will be complete in the (near) future to a predetermined design. Your home will be constructed according to this plan following a schedule determined by the developer. Buying at Glenside also means you don’t have to directly deal with the builder or architect (or any of the other myriad of contractors involved in the construction of your home) - that’s all taken care of by us.
Now that you have a better understanding of what it means to buy off the plan, here are the top 5 benefits of this purchase method.
Purchasing a Glenside townhome or apartment off the plan means that you don’t have to make all the myriad of decisions that come along with building your own home. The property has been architecturally designed and the builder has a set plan to follow, and you know what you’re getting. The stress is taken out of the build process for you, so you can turn the key on your new home without going through the design and construction process yourself.
Buyers benefit by locking in a price now. Once paying the deposit to secure the property there is generally nothing further to pay until completion and settlement. If you’re already paying rent or a mortgage, this means no duplicate household costs. And if market conditions rise, your property could be worth significantly more at the time you move in, than what you paid for it.
As you don’t settle until the property is complete, buying off the plan also provides flexibility if you’ve saved up your deposit but need more time to organise your finances to pay the balance.
Another big advantage investors often fail to consider is the new property depreciation benefits. There are significant depreciation deductions available to the investor when purchasing off the plan. These can be claimed once the property is completed and generating an income.
First home buyers, in particular, can access financial assistance like the First Home Owner Grant. This is a one-off payment towards a residential property. In South Australia first home buyers may be eligible for the first home owner grant of up to $15,000. For more details and to check your eligibility, visit https://www.revenuesa.sa.gov.au/first-home-owners-grant
There is a lot to take in when buying a new home and buying off the plan is no different. We hope this has given you some further insight. If you are interested to learn more, we have created a handy guide to walk you through the entire process from choosing your property to move-in day. Click the 'Get the guide' button below to download the ‘Buying townhomes and apartments off the plan’ eBook.