Expert Tips and Strategies For An Off the Plan Purchase
Off the plan purchases are becoming increasingly popular in Australia, as they offer a great way to get into the property market without having to pay the full price upfront. However, it’s important to understand the risks and rewards associated with this type of purchase before you commit. As expert Australian mortgage brokers, we at Ello Lending have put together some tips and strategies to help you make the most of your off the plan purchase.
1. Research the Market
Before you commit to an off the plan purchase, it’s important to do your
research. Look into the area you’re considering buying in, and make sure it’s a good fit for your lifestyle and budget. You should also research the developer and the building itself, to make sure it’s a quality product.
2. Get Pre-Approved
It’s important to get pre-approved for a home loan before you commit to an off the plan purchase. This will give you an idea of how much you can borrow, and will help you to make sure you don’t overcommit.
3. Understand the Contract
Make sure you read and understand the contract before you sign it. This is
especially important when it comes to off the plan purchases, as there are often additional clauses that you need to be aware of.
4. Consider the Timing
Off the plan purchases can take a long time to complete, so it’s important to consider the timing of your purchase. Make sure you’re aware of when the property will be completed, and factor in any potential delays.
5. Be Prepared for Changes
It’s important to be aware that the property you’re buying may not be exactly as you expect when it’s completed. There may be changes to the design, layout, or features, so it’s important to be prepared for this.
6. Consider the Costs
Off the plan purchases can be a great way to get into the property market, but it’s important to consider the costs associated with them. Make sure you factor in stamp duty, legal fees, and any other costs that may be associated with the purchase.
7. Get Professional Advice
It’s always a good idea to get professional advice when it comes to off the plan purchases. A mortgage broker can help you to understand the process and make sure you’re getting the best deal.
At Ello Lending, we understand that off the plan purchases can be a great way to get into the property market. We’d love to answer any questions you have and help you to get a home loan for your off the plan purchase. Our team of experienced mortgage brokers are here to help you every step of the way, so don’t hesitate to get in touch.
