Any advise for buying off the plan, am thinking of investing in new unit at chermside in brisbane.
thanks in advance
thanks in advance
Buying units off the plan?
- Thread starter ronnieandkylie
- Start date
Hi,
I'm no expert but...
Things I can think of off the top of my head -
Sunset clause - this is a clause that developers put in so that if the construction takes over a certain amount of time, they can get out of the contract. They use this in a rising market so they can resell at a higher price.
Just make sure there isn't one!
Don't always assume that the property will finance itself through growth during the settlement period - make sure you can get finance when you sign.
Use a deposit bond instead of a deposit in cash. (PM me if you need info)
Make sure you get the depreciation schedule from the builder for free!
That's all I can think of right now. Hope I was some help.
Mike
I'm no expert but...
Things I can think of off the top of my head -
Sunset clause - this is a clause that developers put in so that if the construction takes over a certain amount of time, they can get out of the contract. They use this in a rising market so they can resell at a higher price.
Just make sure there isn't one!
Don't always assume that the property will finance itself through growth during the settlement period - make sure you can get finance when you sign.
Use a deposit bond instead of a deposit in cash. (PM me if you need info)
Make sure you get the depreciation schedule from the builder for free!
That's all I can think of right now. Hope I was some help.
Mike
Here's a post about the sunset clause
http://www.somersoft.com/forums/showpost.php?p=355210&postcount=3
Note it is only in Queensland and can actually benefit you in certain circumstances.
here is another post about buying OTP
http://www.somersoft.com/forums/showthread.php?t=35225
Hiya
on the finance side
make sure you have plenty of reserve capacity, both in term if borrowing capacity and deposit
Rising rates and contracting credit may make it harder to get money.
Also, a normalish postcode may suddenly become "high density" meaning a much larger depsoit may be required at settlement time than is obvious today
ta
rolf
on the finance side
make sure you have plenty of reserve capacity, both in term if borrowing capacity and deposit
Rising rates and contracting credit may make it harder to get money.
Also, a normalish postcode may suddenly become "high density" meaning a much larger depsoit may be required at settlement time than is obvious today
ta
rolf
There are a LOT of units in Chermside, many in new developments.
What advantage do you see in buying "off the plan" rather than buying an existing unit that you can walk through and actually see? As an added advantage, there will most probably be an actual rental history rather than "estimations".
Marg
What advantage do you see in buying "off the plan" rather than buying an existing unit that you can walk through and actually see? As an added advantage, there will most probably be an actual rental history rather than "estimations".
Marg
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