Buying a property that is yet to be built is a popular strategy, particularly for first-time homebuyers. It offers the potential for stamp-duty savings, time to save more for the deposit, and, of course, the opportunity to move into a brand-new home. While the glossy brochures and artists’ impressions can be appealing, purchasing property off-the-plan is not without risks, particularly in a falling market. Here we outline the four key considerations to be aware of before you sign on the dotted line. Research the market An oversupply of stock in the market can also substantially affect the value of property. Despite approvals for new projects falling sharply, CoreLogic data1 says 252,000 new apartments will hit the market between 2018 and 2020. Both the Sydney
FREE COMPREHENSIVE LOAN GUIDE!
Looking for a better home loan? Want to purchase as a first home buyer? Or looking at investing in property? Join our mailing list and download the relevant comprehensive loan guide today!