3 Things to Check with Buying Off a Plan

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Off-the-plan property (Image Source: Property Key), www.crowdink.com
Off-the-plan property (Image Source: Property Key)

Seeing a lot of development happening around your area may be the best way to buy into the real estate market. It’s a perfect way to create a house to your specifications and keep it within a relatively small budget. However, with these “buying off the plan” packages, there are a few things that you need to look out for when you are purchasing a land and house package.

Chill Out, Cool Off

Keep in mind that once you have signed a contract for the purchase of the land and house package, there is a cooling off period of 3 to 5 days to change your stance on buying the property. While you may be very happy with the development of the package you have purchased, it’s very important to read over the specifications and contracts apart from the purchase to make sure the property is right for you. If you do withdraw during the time period, they may ask for a termination fee of 0.25% of the property price. While that may seem like a hindrance, it’s saving you thousands of dollars in the foreseeable future.

Position, Position, Position

Just because it maybe the cheapest property on the housing plan, doesn’t mean the place is right for you. If it’s not good for the house plan you wanted to build, it won’t fit the specifications of size that the land you have purchased. Think smart on the position of the block, and where the block is going to be positioned in the near future i.e. shopping centers, medical clinics, playgrounds and parks.

Contractual Completion

Make sure you contact legal advice before engaging in the contract of completion. If there is going to be a hold up on completion of the property and you have a said completion date within your developer contract, the developer and client can terminate the contract. This will allow for the client to have a deposit refunded and out of the legally binding contract.