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7 Tips to Buying off the Plan

Here are our 7 Tips for buying an apartment off the plan. We often get asked the question ‘should I buy an apartment or a house’? Which one will performbetter? This question may sound straight forward, but there’s more to it than meets the eye. The fact isthat it’s not about whether it’s an apartment or a house that determines how well the propertywill perform, the determining factor is that it’s all about DEMAND. What determines demand is the property uniqueness and attractiveness over other properties. Buying an apartment off the plan can be a fantastic option if picked wisely and demand for theapartment is strong.

Always look for the best locations

The location of your new apartment is key, so be sure to lookfor an apartment that is within 5 km radius of the CBD thisway you will have a range of amenities and your favouritecafes and shops all within easy reach.

What lifestyle facilities are there in the building?

At the end of the day it’s all about the residents. Apartmentsdesigned for urban living that have lifestyle facilities such aspools, spas, gymnasiums and maybe even theatre rooms anddining halls will attract better residents, creating higherdemand and in return commanding higher values. Sure, weall know that this could come with slightly higher stratalevies, but if managed well, the benefits could be well worthit in the end.

Have your finances in order so you know you can settle on the purchase

Getting your finance in order will give you the confidenceto proceed with purchasing the apartment of your dreams.With interest rates at an all-time low, there are some greatoptions available for finance.

Compare the strata levies. Are they reasonable?

Strata levies will vary depending on the facilities in thebuilding, be sure to compare the market and ensure therates are fair based on the amenities provided. Yourapartment building may have a sparkling pool, beautifulgardens and a great gym –strata levies cover themaintenance and upkeep on convenient building facilities.

Plan for the unexpected

Strata levies will vary depending on the facilities in thebuilding, be sure to compare the market and ensure therates are fair based on the amenities provided. Yourapartment building may have a sparkling pool, beautifulgardens and a great gym –strata levies cover themaintenance and upkeep on convenient building facilities.

Study and get advice on the off the plan contracts

Off the plan contracts vary from developer to developer.They are typically quite a lengthy document and often areunconditional offers. So be sure you know who thedevelopers are and how fair their contracts are. It’s a goodidea to get independent legal advice so you are completelycomfortable with the details within the document.

Buy from trusted developers with proven track records

It makes sense that if you were going ahead with an off theplan purchase, you would go with a developer with a proventrack record. Look into their past experiences and portfolioand check out their developments to see what they havedone in the past.