Buying Property Off Plan vs On Plan: Which One is Right for You?
Are you looking to buy a property in Australia? If so, you may be wondering whether you should buy off plan or on plan. It’s an important decision, and one that requires careful consideration. In this blog post, we’ll discuss the differences between off plan and on plan property purchases, and help you decide which one is right for you.
What is Off Plan Property?
Off plan property refers to a property that is still under construction. It’s a
great option for those who want to get in early and take advantage of the
potential for capital growth. When you buy off plan, you’ll be buying a property that is yet to be built, so you won’t be able to view the property before you purchase it.
What is On Plan Property?
On plan property is a property that has already been built. It’s a great option for those who want to move in quickly and don’t want to wait for the construction process to be completed. When you buy on plan, you’ll be able to view the property before you purchase it, so you’ll know exactly what you’re getting.
Pros and Cons of Off Plan Property
One of the main advantages of buying off plan property is that you can often get a good deal. Developers often offer discounts to those who buy off plan, as they’re keen to get the development off the ground. You may also be able to negotiate a better price if you’re buying in bulk.
Another advantage of buying off plan is that you can often get a better return on your investment. As the property is yet to be built, you can benefit from potential capital growth as the development progresses.
However, there are some downsides to buying off plan. As the property is yet to be built, you won’t be able to view it before you purchase it. This means you’ll have to rely on the developer’s plans and descriptions, which can be difficult to trust. You also won’t be able to move in straight away, as the construction process can take some time.
Pros and Cons of On Plan Property
One of the main advantages of buying on plan property is that you can view the property before you purchase it. This means you’ll be able to get a better idea of what you’re buying, and you’ll be able to make sure it meets your needs.
Another advantage of buying on plan is that you can move in straight away. As the property has already been built, you won’t have to wait for the construction process to be completed.
However, there are some downsides to buying on plan. As the property has already been built, you won’t be able to benefit from potential capital growth. You may also find that the price of the property is higher than if you had bought off plan.
Which One is Right for You?
Ultimately, the decision of whether to buy off plan or on plan property is up to you. It’s important to weigh up the pros and cons of each option, and decide which one is right for you. If you’re looking for a quick move-in, then on plan property may be the best option. However, if you’re looking for potential capital growth, then off plan property may be the better choice.
At Ello Lending, we understand that buying a property can be a daunting process. That’s why we’re here to help. Our team of experienced mortgage brokers can provide you with the advice and support you need to make the right decision.
We’ll help you to find the best home loan for your needs, and make sure you get the best deal possible. So, if you’re looking to buy a property in Australia, get in touch with Ello Lending today. We’d love to answer any questions you have and help you to get a home loan.
