Buying off the plan means buying a property before it has been built or is still under construction. This can be a great way to get into the property market, especially in a competitive city like Melbourne.
There are a number of benefits to buying off the plan, including:
Stamp duty savings
In Victoria, you may be eligible for a stamp duty concession when you buy off the plan. This concession can save you thousands of dollars, depending on the value of the property.
Potential for capital gains
The Melbourne property market is known for its strong growth. If you buy off the plan, you could potentially make a good profit on your investment by the time the property is built and you settle on it.
More choice
When you buy off the plan, you have the opportunity to choose your preferred apartment or house type, as well as any optional upgrades you want. This is especially beneficial if you are buying in a popular development, where established properties may sell quickly and you may have less choice.
Time to save
Buying off the plan typically gives you more time to save for your deposit and other costs associated with buying a property. This is because you usually don’t have to pay the full purchase price until the property is completed.
New and modern
Off-the-plan properties are typically new and modern, with the latest features and finishes. This can make them more appealing to both tenants and buyers.
However, there are also some risks associated with buying off the plan. For example, there is always the possibility that the construction of the property could be delayed, or that the final product does not meet your expectations. It is important to do your research carefully before buying off the plan, and to choose a reputable developer.
Seek professional advice before buying off the plan
Overall, buying off the plan can be a great way to get into the Melbourne property market and potentially make a good investment. However, it is important to weigh the benefits and risks carefully before making a decision.
Handpicked off the plan properties for You
If you are considering buying off the plan in contact us to discuss further, you can view our selection of Off the Plan properties below. Interested in learning more about off-the-plan properties in Melbourne? Contact us today!
