How safe is buying off the plan in Melbourne Australia?
Are you thinking to buy off the plan? Maybe you are wondering how safe is buying off the plan in Melbourne Australia? We have some insight here and it is probably not what you think.
Apart from investors, who buy to profit, a big percentage of off the plan townhouse buyers are making lifetime investments. That is why making a purchasing decision must be made wisely. Buying off the plan is considered to be a safe and legal way to finding a perfect home, but it is a tricky process and includes a lot of papyrology, a lot of time and a deeper analysis. Here are some things to consider when deciding to go for off the plan townhouse, which can help answer the question many buyers ask – Is buying a property off the plan safe?
The first thing to look for when looking for a safe investment is the developer. The reputation the developers enjoys say a lot about how safe buying property from them is. It is always a wise decision to buy from the experienced developer, who has many successful projects behind and no legal problems in their working history. Therefore, it is important to do detailed research before signing the contract and ask some questions such as was the previous project completed on time and are there any serious complaints from previous buyers.
The contract details
The contract is the legal platform for all legal interactions between the developer and the builder. That is why it must meet all the necessary information and protect the buyer’s rights. All the agreements made must be made explicit and clear and must meet all the legal terms and be approved by legal authorities.
The future development of the area
The location is of great importance when looking for a safe investment, as it can impact the price when signing the contract, but also after, when the property settles. The development of the area where the townhouse is located can change the price and sometimes change it drastically. That is why it is important, especially if the property is located in the area that is yet to be developed, to check if there are any future projects in the area that can affect the value of the property, such as building a noisy boulevard or industrial complex.
The property specifications
For making a safe investment and purchasing the right property, it is important to pay attention to all the information concerning property specifications. This includes not only the location and square footage but also house orientation, amenities, room organisation, materials used, electricity and water systems, design, flooring, finishes and other. There also some information that concerns the property specifications in a way, but is not part of the contract. This includes different pieces of information such as what the neighbourhood is like, is it safe, how far away is the city centre, questions related to public transportation and townhouse connection to other city areas and so on. This information must be carefully researched in order to make a safe investment when buying off the plan, since they can not be found in the original contract.
Check out more info about buying a townhouse off the plan in South East Melbourne, or specifically in Burwood East, Mount Waverley or Box Hill.
House and land packages are also often sold off the plan see more info about home and land packages in Melbourne Vic here,