Buying a unit off plan - a horror story

[balwoges]

I have been reading Flat Chat for a long time and came across this article today which is the worst of a trend I have been noticing for some time - http://www.flat-chat.com.au/forum/a...operty-developers-is-that-an-oxymoron/#p13967

Would you buy off plan

 

[Scott No Mates]

Moral of the story, take proper advice when buying.

 

[knightm]

Wow that sucks.

 

[Redwood]

Interesting story - but not irregular in my opinion. Re stamp duty and OC comes down to DD of the right kind....re car spaces thats always a problem.

 

[westminster]

And when buying an apartment be prepared that another one will go up next to it as they 'travel in groups'

Sounds like some poor due diligence but also some sharkminded company. They are lucky they didn't have the normal OTP issues like valuations, poor workmanship, delays etc etc

 

[vaughan]

TL;DR - Not much sympathy from here?

 

[Jamie M]

Moral of the story, take proper advice when buying.

Totally agree.

DD is so important - and off the plan amplifies that.

Cheers

Jamie

 

[belvoir]

Should have had a solicitor. Legally you can pull out of the contract if there is more than a 5% variation in size.

6/80 = 7.5%

Yea, sleazy tricks by developers to measure from the middle of the internal walls to measure the size of an apartment. I have questioned before in QLD and they said it was 'industry practice'.

Whats the bet the developer was Lebanese??

 

[datto]

Whenever I try to buy OTP I always try to negotiate the price down 30K to cover these rip-off tactics.

To date I have never bought OTP.

 

[Scott No Mates]

Whats the bet the developer was Lebanese??

Nah, it was Melbourne.

 

[Scott No Mates]

Whenever I try to buy OTP I always try to negotiate the price down 30K to cover these rip-off tactics.

To date I have never bought OTP.

Successfully negotiated yourself out of buying?

 

[datto]

Successfully negotiated yourself out of buying?

Well I've never found a salesperson who could deal with me. Mind you, these OTPs were sub 500K units lol (Liverpool and Mt Druitt areas)

 

[Redom]

Whenever I try to buy OTP I always try to negotiate the price down 30K to cover these rip-off tactics.

To date I have never bought OTP.

Try this in Canberra and you'll be on some spending spree!

 

[Redom]

I have been reading Flat Chat for a long time and came across this article today which is the worst of a trend I have been noticing for some time - http://www.flat-chat.com.au/forum/a...operty-developers-is-that-an-oxymoron/#p13967

Would you buy off plan

This is an ugly story!!! DD is poor, but yikes.

Although i dont think you could generalise to the entire market. I'm sure theres horror stories about all types of stock/market. OTP uncertainty definitely poses more risks though.

 

[luce.rocks]

If I had the money, and there were still apartments available, I'd happily buy OTP in Barangaroo.