Why It’s A Good Time to Buy Off the Plan
Tuesday, 15th March, 2016

Making the decision to buy a house is a big step – and there are so many options to consider when it comes to location, block size, house layout, and budget. But, you can tackle all of those decisions in one go by choosing to buy off the plan. You may be asking: what on earth does buying off the plan mean? Well, put simply, it means buying a house or property that hasn’t been built yet.

New apartments and housing developments are going up across Perth as we speak, and many are initially only available for purchase off the plan – meaning potential investors are given a full layout and design plan for the property before they sign the dotted line. There are many advantages to buying off the plan rather than investing in a pre-existing property, particularly in a growth market.

With a steady property market that is slowly gaining pace in Perth, it’s a great time to buy off the plan and lock in a good price – and most developers will settle on a price and deposit amount before construction even begins. Prices are also usually lower than pre-existing homes or apartments in the same areas, and the value of your property can increase before it is even built due to capital growth. And for those who purchase off the plan as investors, stamp duty exemptions are often in place – meaning huge savings in the long run!

Buying a home that hasn’t even been constructed yet also means you don’t have to deal with fixer-uppers; you won’t move into your new property and realise you need to renovate the bathroom or fix parts of the kitchen – everything is brand new! Though some investors may be put off by the idea of a property that is already set in stone, many developers are open to customizing certain aspects of the space. Buying off the plan also means that you get to take advantage of an initial builders’ guarantee, where any faults that occur within the first seven years of your purchase must be fixed by the builder free of charge.

Purchasing a property off the plan can be a perfect option for first home buyers and old hat investors alike, with flexible and affordable options popping up across the city.

At HERE Property, we have access to exciting upcoming off the plan apartment and housing developments on the urban fringes of Perth – with properties to be built in hot spots such as Leederville, Mount Lawley, Glendalough, and West Perth. Why not get in touch with us today to find out what’s on the horizon – or chat to us about the plans we currently have on offer?