Off-the-plan home buying: what it is and why it could be the right choice for you

Off-the-plan home buying: what it is and why it could be the right choice for you

Whether you’re getting in the market for the first time, or trying to navigate your next purchase to secure your future, sorting through the options to buy a property can seem intimidating. When it comes to buying off-the-plan, there are plenty of benefits that home buyers can reap. So what is buying ‘off-the-plan’ and what benefits does it offer?

Put simply, purchasing off-the-plan means signing a contract to purchase a property, whether it be a house or an apartment, that has yet to be built or has not been completed yet. 

When buying off-the-plan you’ll get detailed plans and blueprints including high-quality, artistic renders that show exactly what you can expect the property, amenities and your future home to look like. To help make this process as seamless as possible, the sales team at Cube Developments will take you through all the available property options, such as layout, size, and overall outlook, to ensure the home is exactly what you are looking for.

Here are some benefits to purchasing off-the-plan.

  • Stamp Duty Savings

Stamp duty is a tax on any property transaction that is charged in each state. Buying off-the-plan helps you save money as some buyers will be able to apply for an exemption or concession depending on your circumstances. The stamp duty concession for off-the-plan property purchases are eligible for first home buyers, or those who intend to make the property as their primary residence. This means buyers will be able to significantly reduce the amount of stamp duty paid, which is an incredible option for those who want to make smart financial decisions. 

  • Lock In A Purchase Price 

Purchasing off-the-plan allows for buyers to lock in a price at the start, without having to worry about additional costs in the future. For example, if you buy an apartment for $500,000, this is your lock in cost, no matter the market conditions or how much property prices have increased when it comes to settlement. What’s more, you may benefit from increased value without doing a thing. 

  • No More Repair Costs

Another great perk of buying off-the-plan is that buyers will be able to have the first pick on a myriad of property plans that will be brand new and in tip-top condition. These properties will be in pristine condition compared to older properties that often require ongoing maintenance. Thus, buyers can save money and time as renovations and repairs will not be in the foreseeable future.

Want to find out more about our off-the-plan properties on the Sunshine Coast? Contact us at info@cubedevelopments.com.au