Buy off the plan to get onto the property ladder
Want to get into the property market but finding established property out of your reach? Then buying property off-the-plan could be the answer.
1. Finance and off the plan
Unlike an established property, you can take advantage of the extra time you have between saving for the deposit and the actual settlement, this gives you the opportunity to get everything together.
2. Stamp duty savings
In most cases, when you buy off the plan, you can save on stamp duty, this means that your deposit can be lower than if you were to buy an established property. When buying a house and land package off the plan, stamp duty is calculated on land value, not the house and land.
3. Increased growth
In some instances, buying off the plan can turn a profit before the property even settles. If the developer prices the property at today’s prices and the property doesn’t settle for another two years. You could be in for a nice two years of capital growth, particularly if the market heats up soon after you purchased your property. The extra advantage, is that those two years of growth have only cost you the deposit, and no stress or other overheads from the property.
Unlike an established property, a new property has more items that can be depreciated over time.
Commonly, you can make a range of claims, including appliances, building depreciation, floor coverings, window coverings, video security systems, air-conditioning systems and even solar panels.
5. Reduced power bills
A new property must meet particular building codes and energy efficiency standards are now more efficient than ever. This means that your property will be more energy efficient so you’ll save on power bills. And if your property comes with solar panels, you save even more on energy costs.
Learn how Reventon’s investment properties meet today’s high energy efficiency standards.
6. Save on repairs
A brand new off the plan property is likely to reduce the chances of you having to pay for repairs. They also come with a builders warranty. And when purchasing a property with Reventon, you can be assured that if any repairs are needed in the warranty period, it will be the same builder who built the property carrying out the repairs.
As with any purchase it’s always best to do your research and it could be wise to seek advice of a property expert before you make a decision.
Buying ‘off the plan’ could be your entrance into the property market. To see how Reventon can help you purchase an off-the-plan property that will best suit you, please get in touch for a free consultation.