BUYING OFF THE PLAN: PROS & CONS What is buying ‘off the plan’? Buying off the plan is an industry term that typically refers to making a real estate purchase before construction is complete or even before construction has begun. Instead of going to a finished home or an apartment that has been completed, a buyer looks at a blue print and other construction plans and makes the choice to purchase. There are some significant advantages to buying off the plan, but there are also risk factors as well.
PRO
CON
Peace of mind that comes with new construction
A long wait for construction to be complete
SA
LE CON Uncertainty about the finished product
PRO A discount off the finished price
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PRO
CON
A small outlay of capital when the project gets started
Unexpected changes
$ CON
PRO
Reliance on the vendor and builder
An opportunity for customization PRO Stamp duty discounts
PAID Owen Hodge Lawyers can provide you with assistance reviewing and negotiating the terms of your contract if you want to buy a property off the plan. Call us today on 1800 770 780 or contact us via ohl@owenhodge.com.au to learn more.