People here are wary of OTP apartments for good reason. But I wouldn't be so quick to dismiss it - depends on what you want to do with it. If you get a decent place with nice views and can get a good yield, why not?
Hi Wunderbar
I'm a people here and I'm not wary of 'Off The Plan' apartments, houses or any other type of property
Our family has bought Off The Plan twice and both times the properties have exceeded expectations
However, the main problem is buyers too confident that the market or their lives will not change to their disadvantage in any way. I have seem a small number of people who, even after two years or more for subdivisions, building or whatever, have made no preparation whatsoever for the Day of Judgement which will surely come!
Provided that the buyer takes the Contract seriously, buying Off The Plan can be a great start for a home owner and a great method for an investor.
I have a young customer just bought a 'House & Land Package', and wow! is she organised!
My No#2 Son bought Off The Plan in May, 2009 which settled in October, 2010. He saved the mortgage payment every month from January, 2009 and as a result sailed smoothly towards settlement. He is delighted with his penthouse and has turned his two bedroom plus balcony 70m2 into a comfortable home. The car stackers under the apartments are a source of endless conversations and fledgling friendships with other occupants and being able to walk to good coffee and pastries is a treat he has not previously been able to do out in the dormitory suburbs.
Quality of life is something which is often overlooked. Modern apartment living in areas of high density - population, train stations, shops, eateries -offers a lifestyle simply not found in the outer growth corridors
For a boy who grew up in the foothills, moving to a really cosmopolitan suburb has been quite an eye opener!
Nothing in life is about the money, but having said that, buy Off The Plan on an extended Contract and the buyer had better make sure that they have their money ready!
Cheers
Kristine