Buying off-plan properties has become a popular investment choice nowadays. Encouraged by the trend, you might also be looking into options available for you. However, if you have no real in the real estate market, the prospects of buying from the wrong developer can definitely be scary. To help you out, here are some of the questions you should be asking from the sales agent in order to understand whether you will make a good investment or not:
- Why should I be investing off the plan? – one of the best ways to understand whether you are dealing with competent professionals or not is simply to ask point-blank why you should be investing in their planned project. An experienced developer should be able to easily explain to you the many advantages of doing so – and not just in the context of generally buying off-plan properties, but also in the context of buying exclusively the property in question. See whether they back up their claims with verifiable data or not – mere empty words should not sway you in their favour. They should be open to explaining every point they make, so do not be afraid to ask when you are unsure of what they mean.
- Will there be any differences from the brochure – often, before the apartments off the plan Gold Coast are constructed, the developer will either rely on a 3D model, an artist impression or even recreate a small physical model of the layout of the future apartment. It is a good idea to ask just how faithful they will be in the recreation of these impressions. Most apartments will eventually look slightly different from the original ideas and models, whereas other developers will actively allow initial investors to make slight changes to their secured apartments (e.g. difference in themes and other minor changes).
- Will there be any economic advantages for me? – as an initial investor in the project, you are more than likely to benefit from some form of incentive, tax cut or relief. As such, inquiring into what kind of benefits the employer (and by extension, the government) is willing to give you is important. To give you a general idea, most off-plan properties can provide stamp duty cuts, grants and tax deductibles, which can round up to over ten thousand dollars in savings.
- When will the property be constructed? – simply known as ‘settlement’, this refers to when the project will eventually be completed. Most off-plan properties open up their apartments for sale once only two more years of construction are left. Of course, this can vary from project to project, so make sure to ask. As a general rule, smaller projects will be completed quickly, whereas larger ones tend to take time. Additionally, amenities such as swimming pools, gyms, gardens, etc. can take more time to complete.