For many of investors, buying a property off the plan is a great way to be confident in the purchase that they have made. If you are a first time investor, buying off the plan will mean you can rest easy with your purchase decision, and can open up your investment opportunities to encompass a range of properties you might not have otherwise considered.
- Lower stamp duty
When you’re making such a huge financial commitment, finding ways to save money is always a positive. Often, when purchasing off the plan properties, your stamp duty will actually be drastically reduced compared to that of an already established property. The saving you make on stamp duty can go towards your safety net in case of other costs you might come up against.
- Lock in price
Arguably the best part of buying off the plan is that you know how much you will be paying. With buying a property off the plan, you won’t be subject to the whims and changing moods of the seller, and you won’t be likely to incur any surprising price increases. If you are purchasing off the plan, then you will be at a much greater advantage of figuring out your finances and determining just how much to budget for your property, and you can worry less about having the extra cash to use as a safety net.
When buying off the plan, as a buyer, you are given a bit of wiggle room when it comes to the property’s finishing touches. From countertops to paint swatches, you get a better say into what the final product will look like compared to buying a pre-existing property. Plus, at the end of the development process, you can be assured that you are getting a brand new property, without the wear and tear that comes with aging properties. If you are investing so you can rent out the place in future, people are certainly going to be more impressed by a brand new space.
- Tax savings
Again, we all know that buying a property means the bills can pile up pretty quickly, so as a first time investor, you’ll be looking for anywhere you can save a bit of money. If that’s the case for you, investing in an off the plan property is a brilliant solution. When purchasing a brand new off the plan property as an investor, you can often claim depreciation on some of the fixtures and fittings in the new development as a tax deduction.