Key and a new home in the background

From co-ops and apartments to single and double story properties in the suburbs, off the plan buying opportunities will present themselves to buyers as they navigate the market.

This is a domain where clients invest in a listing that is yet to be constructed, something that carries a number of benefits for local members.

In this context they can use the builder they want, customise the home to suit their lifestyle, and ensure that the long-term frameworks are in place.

To be on safe ground with these options, it is worthwhile looking at the methods that deliver the best outcomes for buyers.

Determine Borrowing/Purchase Power

Buyers who want to safely navigate off the plan buying opportunities need to identify what kind of budget they are working with before proceeding any further. Individuals, partners and groups who are exploring options they have at their disposal have to engage lenders and financial institutions, acquiring their credit rating in the process. This will help constituents to assess listings against their borrowing power, something that will expedite the project.

Assessing Area Trends & Amenities

Without something tangible to assess on the spot, more research and analysis has to be placed with off the plan buying opportunities. Where is the area situated? Is it accessible to public transport hubs? Is it close to parks, schools, hospitals and shopping centres? What is the mean price of household purchases and sales in the postcode? Will there be future investments made to the town or city?

What is The Sell-On Potential?

off the plan buying opportunities

While the focus for clients with off the plan buying opportunities will be about maximising sales ventures at that point of time, the best approach is to recognise where the sell-on lies for subsequent years. Conveyancers and real estate agents who run these reports and delve into the details will have answers to many of these questions. If participants are able to jump on purchases that will increase in value over time, they will have more confidence to proceed with the necessary parties.

Reviewing Developer’s Credentials

Given the lack of a tangible asset for buyers to examine, off the plan buying opportunities have to be coordinated with trustworthy developers. Pushing these plans into action requires diligence and resources from practitioners, something that is not always consistent in the market. Reading the reviews, checking the ratings, assessing the feedback and consulting with personal references will provide the context that is needed in these circumstances.

Consulting With Independent Specialists

Developers and agencies that are keen to close a sale often shape and influence how off the plan buying opportunities are approached. Independent operators like lawyers and conveyance firms are well placed to offer key insights into this process that will ensure superior outcomes with the decision-making process. They will be able to navigate some of the intricacies and outline the challenges that lie ahead as the development transitions from a plan to a physical construction.

Read & Re-Read Contract Details

The contract stipulations that are listed on the terms and conditions could be buried and hidden in plain sight. Buying from listings off the plan has to require a careful eye for detail in this context. Read, re-read and then look over again the bullet points that are listed on paper. If there is any ambiguity, confusion or points of order that need to be clarified, this is the time to bring it up with the right parties.

Off the plan buying opportunities will continue to emerge across metro, suburban and rural regions of the country. The key is to be diligent with these listings, engage industry specialists and avoid rushing the process based on anecdotal evidence.