Things You Must Know If You're Considering Buying New or Off the Plan

Apartment living has become the norm in dynamic cities like Sydney, with many attracted to the convenience and modern lifestyle offered by new properties. However, before committing to a new or off-plan purchase, consider the following elements:

1. Check the Property Developer:

Property developers aim to maximize profits, sometimes at the expense of quality. Researching the developer's past projects can give insight into their reputation and practices. Additionally, the price of brand-new apartments is often determined before they hit the market, so the price you pay may not reflect their true value.

2. Check the Building Company:

With council inspections now largely replaced by builder certifications, there's a risk of buildings not meeting standards. Cases like Opal Towers and Mascot Towers highlight the consequences of inadequate construction. Ensure the building company adheres to codes and standards to avoid potential safety hazards and costly repairs.

3. Check the Contract:

Off-plan developments can experience delays, leaving buyers locked into contracts for properties that no longer suit their needs. Review contracts meticulously with a property lawyer to understand your rights and obligations, protecting yourself from potential legal entanglements.

4. Check the Surroundings:

Evaluate the surroundings of the proposed property. Are there existing or potential building sites nearby that could obstruct views or cause disturbances? Consider the long-term impact of neighboring developments on your quality of life and property value.

5. Check the Strata:

New developments come with new strata arrangements, which may prioritize cost-saving over long-term maintenance. Ensure the strata is adequately funded to cover essential upkeep and improvements. Beware of developers retaining control through ownership of multiple units, potentially influencing decisions to prioritize profit over residents' interests.

In Conclusion:

While buying a new property offers modern amenities and lifestyle benefits, it's crucial not to overlook the associated risks. Stay informed, conduct thorough due diligence, and seek professional advice to mitigate potential pitfalls.

If you need any help with buying off plan properties, feel free to contact our friendly team.