Pros and cons of buying a property off the plan
The prospect is beguiling. A brand-new home, complete with that delightful brand-new home smell – all yours to move into, when it’s built.
And therein lies the rub. Buying ‘off the plan’ means exactly that: the property hasn’t been completed – possibly the soil hasn’t even been turned – so you can’t walk through your prospective purchase. Daniel Peterson, chief executive of RACV partner iBuildNew, an online service that helps buyers compare new and off-the-plan property, says the federal government’s $25,000 HomeBuilder Grant has driven new interest in buying off the plan over the past year. But while there are many benefits to committing before construction, there are also pitfalls. Here’s what you should consider.