Your Free Guide To Planning A NSW Off the Plan Purchase

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Ello
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Welcome to Ello Lending’s free guide to planning a NSW off the plan purchase. We
understand that buying a property is a big decision and can be a daunting
process. That’s why we’ve put together this guide to help you understand the
process and make the right decisions for you.

What is an Off the Plan Purchase?

An off the plan purchase is when you buy a property before it is built. This
means that you are buying the property based on plans and specifications
provided by the developer. It is important to understand that the finished
product may differ from the plans and specifications.

Benefits of an Off the Plan Purchase

There are a number of benefits to buying off the plan. Firstly, you can often
purchase the property at a discounted price. This is because the developer is
looking to sell the property before it is built. Secondly, you can often secure
a property in a desirable location before it is built. This means that you can
secure a property in a desirable location before it is sold out. Finally, you
can often secure a property with a long settlement period. This means that you
can secure a property and have time to save for the deposit and organise
finance.

Risks of an Off the Plan Purchase

It is important to understand that there are risks associated with an off the
plan purchase. Firstly, the finished product may differ from the plans and
specifications. This means that the property may not be what you expected.
Secondly, the property may not increase in value as expected. This is because
the property market can be unpredictable. Finally, the property may not be
completed on time. This means that you may have to wait longer than expected for
the property to be completed.

How to Plan an Off the Plan Purchase

When planning an off the plan purchase, there are a few key steps that you
should take. Firstly, you should research the property market. This means that
you should research the area and the type of property that you are interested
in. Secondly, you should research the developer. This means that you should
research the developer’s track record and any reviews of their previous
projects. Thirdly, you should research the finance options available to you.
This means that you should research the different home loan products available
and the lenders that offer them. Finally, you should research the legal
requirements. This means that you should research the legal requirements for
purchasing a property in NSW.

Conclusion

We hope that this guide has been helpful in understanding the process of
planning an off the plan purchase in NSW. At Ello Lending, we understand that
buying a property is a big decision and can be a daunting process. That’s why
we’re here to help. Our team of experienced mortgage brokers are here to answer
any questions you have and help you to get a home loan. Contact us today to find
out more.

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