An off the plan purchase is whereby a person buys a property that is not yet constructed and approved. This type of property buying is risky, because of the changes in value, quality of construction, plan modification, and management issues.
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\n\nWhat may look like an exciting step forward in buying a brand -new home can turn into a financial mess. You must consider the multiple risks when purchasing an off-the-plan property. Executive Legal has a team of expert legal and conveyancing professionals that can help you determine if you are dealing with a reputable developer, if you are given a fair price, if your potential market can affect your profits and if you can recieve financing.
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\n\nThis is a list of some of the most important things to do when you consider on buying an off-the-plan property:
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\n\nCheck the display unit closely and ask lots of questions. Ask to see the property on site if construction has already commenced.
\n\tLook over plans, are there displays showing the inside and outside of the completed property.
\n\tAsk what options are available regarding layout, size, colour scheme, materials, fixtures and fittings.
\n\tWhere is the property located in relation to views, high noise common areas such as entry areas, lifts, stairways, garbage chutes etc?
\n\tHas the developer a good history and are they financially viable?
\n\tHave council approvals been obtained (as the plans may change)?
\n\tAre there any other developments proposed nearby?
\n\tIs there a chance of losing your views in the future?
\n\tHow close are you to important amenities such as reliable transport, schools, shopping, medical centres etc?
\n\tWhat are the proposed levies and rules for the development?
\n\tHave your accountant or financial advisor review the figures. Ask if a depreciation schedule is available?
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\n\nExecutive Legal has years of experience in handling off-the-plan purchases, from small businesses to large community schemes. Our team takes pride in our legal advice that lets our client can understand and providing plans that are executable.
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