7 benefits of buying off the plan

Whether you’re a first home buyer, investor or empty nester, buying a Greville townhome or apartment off the plan offers some serious benefits compared to other purchase methods. 

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 off the plan at Greville also means you don’t have to directly deal with the builder or architect  - 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 7 benefits of buying your new home off the plan. 

It just happens

Purchasing a Greville property off the plan means that you don’t have to make the scores 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. With the Greville team taking the hard work out for you, all you have to do is decide if you would like to incorporate any of the optional upgrades on offer to your new home and get ready to move in when your build is finished! 

Price assurance

Buyers benefit by locking in a price now before the completion of the home. 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 you won’t have to pay existing rent and mortgage, along with a new mortgage. And if market conditions rise, your property could be worth significantly more at the time you move in, than what you paid for it, which means more equity growth for you. 

More time to organise finances

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. 

Depreciation

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. 

Government grants

First home buyers, in particular, can access financial assistance like the First Home Owner Grant from the Queensland government. This is a one-off payment towards a residential property.  If you do not qualify for the First Home Owner Grant, you may still qualify for other government concessions. For more details and to check your eligibility, visit Queensland Revenue Office.   

Enviable Locations

Many new apartment or townhome developments take advantage of central locations, whether due to a zoning change, because another building has been torn down or possibly the land has simply been undeveloped up until now. 

This will often mean the new homes being built are close to transport and amenities, giving buyers an enviable location right in the centre of the action. 

This is another benefit you can reap at Greville, centrally located only 5km from Brisbane CBD and within easy walking distance to train stations, bus stops, and local shops, live a connected life at Greville. 

A future-proof home

New apartments and townhomes come with everything you need to live the technology-enabled life of your dreams. 5G and NBN is standard with your new Greville home, all you’ll have to do is choose your supplier.  

To learn more about buying off the plan, you can download our guide available here