THE JOYS OF BUYING YOUR HOME OFF PLAN

IF YOU are interested in buying a property in a specific new development, but the developers have not completed or even begun the construction of the houses yet, one option is to buy off-plan.

Rhys Dyer, chief executive of the ooba Group, says this option does require a level of trust but can often work out to be much cheaper as deposits are lower than if you were buying an existing unit.

Bond repayments are also delayed until construction is complete, giving you up to 24 months to put money aside and budget accordingly.

Another benefit of buying in a new development is that there is no transfer duty.

“This is because the payment of transfer duty only applies when a property changes ownership and this is not the case when purchasing a newly built home...

“Therefore, buyers stand to save significantly when purchasing a home in a new development, where transfer duty does not apply, especially if it is a multimillion-rand property.”

However, Dyer does caution that buying a newly built home in a development is still subject to VAT.

Aside from the financial rewards, he says there are numerous benefits to buying in to a new-built development:

• The home is a blank slate that you can furnish and fit to your personal taste and requirements.

• Less maintenance and upkeep are normally required on new houses than older ones.

• Newly built homes are constructed with energy efficiency in mind.

• There are security measures, such as access control, biometric access, perimeter fences and CCTV cameras.

• It’s an opportunity for community living.

BUYING a home off-plan offers a number benefits. PICTURE: JEAN-PAUL JANDRAIN/PIXABAY