The benefits of buying an apartment off the plan
With so many apartments for sale in Sydney and Brisbane there has never been a better time to buy off the plan apartments. And sales are on the rise. There are in fact several benefits to buying off the plan. And for those of you that haven’t bought a new home before, we wanted to talk you through these benefits.
Before we do this, we wanted to bust the myth that if you buy off the plan, you can’t really see what you are buying. This just isn’t true anymore. Display apartments make it possible to see exactly what your home will be like when you buy an apartment off the plan. Display apartments provide an accurate picture of the floorspace, layout, the finish and the fittings. One great example are the display apartments in Sydney at The Sanctuary. You can book a tour of these Sydney apartments at a time that suits.
Time is on your side.
When you buy new apartments in Sydney or Brisbane off the plan, there is a gap in time between paying your deposit and then having to pay the balance before the building of your apartment is completed. This means that you have longer to save money, which is always helpful whether it’s your first home or just part of your investment portfolio.
Stamping out stamp duty
When purchasing any property in Australia, most buyers have to pay stamp duty, which is sometimes also referred to as transfer duty. This is a tax levied by state and territory governments. The more expensive the apartment, such as a harbourside apartment, the more expensive the stamp duty. When buying off the plan, some buyers can apply for an exemption or concession, so you should contact your state government to see if any exemptions apply to you.
Many developers may also offer to pay part, or even all of your stamp duty when you buy an apartment off the plan. They do this to attract buyers. So it is worth keeping an eye out for such incentives that come with new apartments for sale.
New apartments for sale in Brisbane and Sydney are offering buyers more than ever before. Take West Village for example. The development includes not only homes but office space, retail, dining, entertainment and even a full-sized supermarket. When you buy an apartment at West Village, you are not just buying an apartment but an entire lifestyle. Maybe this is one of the reasons it won the UDIA President's Award in 2019, beating all other apartments for sale in Brisbane.
It is sometimes possible to put your own stamp on your off the plan apartment. Some developers allow you to choose wall colour, flooring and some fittings if you buy your apartment far enough in advance. And they let you do this as part of the price. But even if you don’t have the chance to personalise, most new apartments for sale will feature neutral colour schemes, however the same cannot always be said for properties that have previously been lived in. When you buy an older home you have to live with other people’s choices and taste.
Rewards not repairs
Buying a brand new apartment means that the fittings are all new and won’t require repairs in the short term, especially in quality developments. This can mean big savings for buyers of new build apartments in Sydney and Brisbane. Repairs on older properties can end up being a significant cost, and many buyers, especially first time buyers, benefit from avoiding these costs.
We hope you can now see why buying off the plan is a good plan when considering apartments for sale in Brisbane and Sydney. You can discover all of Sekisui House's off the plan homes for yourself.