Benefits of Buying an Off-The-Plan Property
What is an ‘Off-The-Plan’ Property?
As it’s one of the biggest decisions of your life, you’re going to put a lot of thought and energy into choosing the best home for you. Many people end up buying off-the-plan, which essentially means they’re buying it before construction. Often this will be an apartment, but in a suburb like Rochedale off-the-plan sales will usually be houses.
There’s a lot of benefits to buying off-the-plan, and we’re going to touch on these today. It’s always good to do your own research about what suits your personal situation better, and if you have any questions then give one of our team members a call.
Advantages of Buying an Off-The-Plan Property
You save on stamp duty: Stamp duty is basically the transfer fees associated with buying a home, payable to the Queensland Government. If you build a new home, and it’s your first home, you only pay stamp duty on the block of land value, not the value of the land with the home on it. That’s a big win that could save you thousands!
Less repairs: When you move into the home, you’re the first occupants. Everything from the building itself to the appliances will be brand new and under warranty, so there should be minimal repairs. Large items like the hot water system will have an expected lifespan, so you can factor a replacement cost into your budget over time.
More time to save: Payments for an off-the-plan home are made in instalments while the home is being built. This gives you more time to save up and reduce the amount you have to borrow. Alternatively, you could use the extra cash to upgrade aspects of the home like fittings, appliances and landscaping.
Tax depreciation: If you’re going to build and then rent the property out, you’ll be eligible for big tax deductions for depreciation. You might want to chat to a specialist about this one for more information.
Lower energy consumption: The Australian Building Code is pretty strict on energy efficiency requirements, which all new-builds are expected to meet. So all the appliances and systems in it will include some of the latest power-saving technology. You can feel good about your environmental impact and save money on energy at the same time!
Capital gains potential: When you’re building a home, you lock in the price you’re going to pay for the property at the start of construction. There could be an increase in value while the home is being built, so you’ll already have a tidy sum of equity by the time you move in.
More choice: You’ll have a great degree of choice in terms of colour schemes, finishes, appliances, landscaping, location and so on. It’s a way of putting your ‘dream home’ stamp onto the property.
Nothing beats the feeling of a new home: There’s something special about being the first people to live in a home. Everything is new and fresh, so you really feel like you’ve treated yourself. It’s a great sensation!
If you’ve got any questions about buying an off-the-plan property in Rochedale and surrounds, give one of the QLRE team a call. Rochedale has experienced huge capital growth since the development of the Rochedale Estates and Arise. With many other estates and developments currently under construction or planned for the area, Rochedale will continue to flourish and expand in the coming years, so an off-the-plan home in this suburb is a solid investment. We work closely with top-notch builders in the area to bring you a variety of house and land packages to suit all budgets. Please get in touch for more information!
*Note: QLRE doesn’t provide financial advice.