Buying an off-the-plan property in Canberra has several benefits. You can potentially secure a new property at a lower price. You have the opportunity to personalize certain features. However, it is important to consider several factors before making a purchase.
When Buying an off-the-plan property, You should consider:
- Development and location: Research the developer’s reputation and the location of the property. Consider the amenities, infrastructure, and transport links in the area to determine if the property is in a desirable location.
- Building quality and design: Review the building plans, specifications, and finishes to ensure they meet your expectations. Check the developer’s track record and seek professional advice to assess the quality of the construction.
- Timeframe: Understand the expected timeframe for completion and occupation when Buying an off-the-plan property. Delays can occur in off-the-plan developments, so it is important to factor in some additional time.
- Contract terms: Review the contract and understand the terms and conditions. This includes the deposit, progress payments, and any clauses that allow the developer to change the plans or cancel the contract.
- Financing: Consider how you will finance the purchase. Are the loan amount and interest rate suitable for your financial situation?
- Risks of Buying an off-the-plan property : Understand the risks involved in buying off-the-plan. The market value of the property may change, and the developer might go bankrupt before completion.
Professional advice before making an off-the-plan purchase
Boettcher Law can provide you with professional advice before making an off-the-plan purchase. Our Lawyers can help you understand the risks and benefits of buying an off-the-plan property. We ensure that you make an informed decision.