Off-the plan investment properties are a relatively new step in the housing market, and basically allow people to buy houses at lower prices before they are even built. These properties are often looked upon with some suspicion, as people tend to be wary of buying something they can’t physically see yet However, there are many benefits to buying off-the-plan, some of which we have taken the time to explore in this article. Finding off the plan townhouses in melbourne can be tricky sometimes, and usually will be found large areas being developed all at once, however occasionally a smaller venture will come up. Here’s some benefits of buying an off-the-plan investment property.
Financial Gain
One thing people tend to forget is that off-the-plan properties don’t have to contend with the housing market of that area, as they aren’t built yet. The prices offered are indicative of the future house’s value, but is not subject to the whims of the local housing market. Because of this, the houses are available at prices usually much lower than you’d expect to find in the surrounding area, and once built, the houses will appreciate based on the market, so potential investment properties stand to have quite a jump in value in little to no time at all.
Time To Save
Committing to buying an investment property that is off-the-plan is also aided by the time you have to save more money. You commit to buy the property, but you don’t have to pay till it’s built. This means that you can secure a place for yourself and spend the next year or two (depending on how long construction takes) saving madly in a bid to reduce the amount you have to borrow for the mortgage.
Unlike buying a fully constructed house, there’s no need to go into a bank and work out a figure beforehand and limit yourself to that exact figure, you can instead buy and save until you jump into a new repayment bracket, reducing the overall strain of the mortgage.
Fresh, New Houses
Finally, you aren’t buying a house that has been owned by anyone else at any point before. Unlike buying any other house, yours is yours alone, and has only ever been yours since before it was even physically available. This means all the appliances, facilities, floors, walls and electronics have never been used before, and you get to enjoy the comforts of a new house that has cost you less than an older house might have less than 200 meters away.
This means that your house will have no damage to it at all, no years and years of previous owners changing things and damaging walls and surfaces and pipes and wiring. You start with a completely fresh slate with your brand new house.
All these point contribute to the benefits of buying an off-the-plan property. There are more, like the tax breaks you can sometimes get, or the government benefits available for some who buy off-the-plan properties. However a low cost, brand new house with no wear and tear, that also comes with a buffer-zone of time is nothing to sniff at, and your future self will thank you for the foresight.