[WHETHER YOU BUY A PROPERTY FROM MOSAIC OR SOME OTHER DEVELOPER, IT IS REALLY IMPORTANTTHAT YOU FULLY UNDERSTAND WHAT IT IS THAT YOU ARE GETTING FOR YOUR MONEY]
[BUYING “OFF THE PLAN”]
When you purchase a property to live in, it’s important to make an educated and well-considered decision. You may wish to purchase a brand new property. If that is the case, then buying “off the plan” is one option you should consider. However, it’s important to be cautious when buying off the plan, as there are potential traps you will want to avoid. We’ve outlined several tips below to assist you in avoiding the pitfalls associated with purchasing an apartment off the plan. (For more detailed information, call Mosaic on (07) 3171 2270.)
When purchasing any property, ensure it is in a convenient location in a desirable suburb. The optimal suburbs to purchase in have high owner-occupancy, a higher income demographic, low density, low supply and high demand, and are close to expensive and other exclusive suburbs. It is also important to look for somewhere close to public transport, shopping centres, schools, and other services. These factors will not only make life more convenient for you, but they will also help ensure that your property’s value increases over time, making your new apartment more attractive to prospective buyers if and when you choose to sell.
Purchasing an apartment that is priced consistently with your budget is not the only “value” factor you should consider when buying off the plan. Ideally, it should be possible for you to purchase a property where the price is the same as a professional valuation. You should not have to pay additional commissions above that price. One way to achieve this is to buy directly from developers, like Mosaic Property Group. Buying from a developer cuts out the “middle man”, and allows you to avoid paying a potentially inflated price.
[LAYOUT & DESIGN]
It may sound obvious, but if you are purchasing an apartment off the plan, you will want to purchase a home that you actually want to live in. That’s why we encourage you to become involved in the process early, so you can choose your own fittings and colour scheme. By getting in quickly, you will also benefit from having first “pick”. Seek out properties with:
| Natural light and good ventilation
| Plenty of space and storage
| Balconies that can be easily furnished
| Usable kitchens with adequate bench space
| Living and dining areas that are big enough for your needs
| Quality fixtures and finishes you won’t need to replace
| Good, well-ventilated bathrooms you’ll be happy to use
| Air-conditioning and/or fans (a must for a Queensland summer!)
| Higher than average ceilings
| Those all-important intangibles: fast internet connection speeds, security systems, cable TV, etc.
[BODY CORPORATE FEES]
When buying off the plan, choose a boutique property with a smaller number of apartments. By doing so, you will save on Body Corp fees. Consider a property without a pool or gym, as these services are both costly and rarely used. Without them, you will save in the long-term.
[LONG-TERM GROWTH POTENTIAL]
It is wise to purchase a property in an area that has good long-term growth potential. Look for good locations with high demand and low supply, and properties that feature quality fixtures and fittings, and have architectural integrity. These properties stand the test of time.
[BOUTIQUE VS HIGH RISE APARTMENTS]
There are definite differences between boutique and high rise apartments, and it’s best to weigh up these differences before deciding what is best for you. Boutique apartments are generally cheaper, have a higher resale percentage (as smaller complexes are more appealing to owner occupiers who are the larger audience for resale), and they tend to be located in less dense inner urban areas with higher restrictions for future development supply. Another thing to be aware of is that growth can be slower in large high rise complexes, due to oversupply. And of course, smaller boutique apartments generally offer far better privacy and living quality for the occupier.
[OPPORTUNITIES FOR PERSONALISATION]
Purchasing the apartment you are going to live in off the plan shouldn’t mean that you can’t make it your home. Choose a developer that will allow you to have input into fixtures, fittings, and colour schemes. Don’t accept developers that produce “cookie cutter” low cost buildings.
[WHO IS THE DEVELOPER?]
Before you buy off the plan, ask to view examples of the developer’s other properties, so you can get an idea and feel for the sorts of apartments and experiences they create. Choose a developer with whom you can work directly via an in-house agent. This will ensure you enjoy more personal and regular contact.
Did you find this information useful? If so, then why not subscribe to updates from our Blog for more free advice about purchasing properties? Would you like to learn more about buying an apartment off the plan via a developer? Send us an email, register your interest, or give our friendly staff a buzz – (07) 3171 2270. We’d love to help you on your journey to buying a new home or investment property off the plan.