When you buy a property off the plan, it means that you are entering into a legally binding contract to buy a property before it is built, or before it reaches the final stages of development. So when buying off the plan, it is important to be able to trust the developer who is selling you this promise. You need to have every confidence, based on the developer’s track record and the market, that the property that you agreed to buy will meet and exceed your expectations.
The Benefits of Buying Off the Plan
There are many pros to buying property off the plan that, when purchased from a trustworthy developer, completely outweigh any potential risks.
Pay the Current Market Price for Property
While you may have to wait a few years for your luxury apartment to be built, you get the benefit of paying the current market price for the property, no matter how much the value should increase in the future.
Potential to Increase your Growth
If the property you buy increases in value in the coming years, you can reap the benefits if you decide to sell, or even if you are renting the property out, as rent will undoubtedly increase.
Enough Time to Pay
When buying off the plan, you are not required to pay the entire amount up front. Usually, you just pay a deposit to secure the apartment, about 10 percent of the total cost. This gives you time to come up with the finances you need.
Stamp Duty Exemptions and Concessions
In Australia, first-home buyers get to enjoy concessions and exemptions on stamp duty for any property that is bought off the plan. You may also be eligible for a government grant.
Other Tax Benefits
If you’re purchasing this property as an investment, you can possibly claim depreciation during tax season for any fixtures or fittings while the apartment is being built.
For seven years after your luxury apartment property is completed, you get a builder’s guarantee in Australia. This means that if anything is structurally wrong with the building, or if there are any faults on the inside of your newly built property, the builder must repair it, which will save you money in the long run should anything occur.
EBG Developments Always Delivers
When it comes to property developments around Melbourne, EBG Developments has a good reputation for building the most prestigious luxury apartments in the best locations. Both our owner-occupiers and our investors come away from buying one of our developments off the plan completely satisfied.
Our approach is to provide a range of transparent information and informative brochures regarding each of our projects. This assures potential buyers that our developments are going to meet the high standards of the luxury housing market. Examples of the information we provide include:
- New Charsfield residence on St Kilda Road. Download the brochure here.
- Maison in Malvern. Download the brochure here.
- Stonington Terrace in Malvern. Download the brochure here.
Get in touch with EBG Developments today to learn more about our current projects and to find out if buying off the plan is right for you.