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10 Feb, 2021
What are the benefits of buying off-the-plan Apartments?
Buying off the plan can sometimes get a bad rap, particularly for the uninitiated. In fact, it couldn’t be simpler. At St Trinity we specialise in off-the-plan properties (properties that aren’t yet completed), so we feel that we’re in a great position to be able to help guide you through. There are plenty of great reasons why you should consider buying off-the-plan.
Here, we explore 6 reasons buying off the property could be the best decision you can make!
#1 Stamp Duty benefits
Stamp duty concessions can be a major benefit of buying off-the-plan. While concessions vary from state to state, in NSW you may be eligible for schemes such as the First Home Buyer Assistance Scheme, in which eligible first home buyers do not need to pay stamp duty on new homes under a certain value. Check online at Revenue NSW or speak to your St Trinity property consultant for the latest concessions and eligibility criteria
#2 Government Grants and Tax Advantages
As with stamp duty, NSW has grants designed specifically for first home buyers purchasing new homes, inclusive of off-the-plan developments. These grants are designed by the government to promote growth within the construction sector. You can find up to date information on NSW Government grants and stamp duty at www.osr.nsw.gov.au. As off-the-plan properties are brand new, you may also claim depreciation, which allows your accountant to calculate a dollar amount for property wear and tear and deduct it from your tax bill. This is a major tax advantage, reducing the ongoing costs that come with owning property and allowing you to expand your portfolio quicker.
#3 The price is locked in upfront
When you buy off the plan, the price is locked in, no matter what happens in the market. By the time you settle, the value of your property may even have increased. Luckily for you, you don’t have to pay a cent more and can take advantage of this capital gain to continue building your property portfolio.
#4 Time to save
When you buy off the plan, you only need a 10% deposit, and in some cases only 5%, which gives you more time to solidify your finances. Having committed to the purchase, you’ll be much more motivated to save. You can also use the time remaining before the completion of construction to carefully plan what you’ll do with the property once it’s completed.
#5 Quality condition
When you settle on an apartment, you will have the opportunity to inspect it for any defects. It’s a simple process of identifying any issues and logging them with the builder, who will ensure they are rectified before you move in. Your contract will also include a warranty that will cover faults and issues for a predefined period. It’s worth looking for developers who build and manage their properties, and who have an on-site property services team to help you manage any maintenance issues.
#6 Reduced costs and maintenance
New developments are designed, and carefully planned, to be ultra-efficient, fitted with the best insulation, energy-efficient appliances, and large windows to maximise natural light. Not only might this minimise your power bill, it also minimises your environmental impact. New developments are also designed to be easy to maintain, and new buildings, fixtures, fittings and appliances mean that you’re not going to be dealing with appliances breaking down or wear and tear for a long time to come.
Plus, at the end of the day, what you have is a brand new apartment that’s never been lived in, with quality finishes and fixtures, in a location that meets your lifestyle needs.
While it may take some time for your brand new apartment to be ready, the benefits of purchasing off-the-plan are more than worth waiting for!
To find out more about purchasing property as a first home buyer, speak with St Trinity Property Group about your next property purchase on (02) 9099 3412.
The information contained in this article is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs.
St Trinity Property Group and its affiliated entities, representatives, agents and related companies (collectively referred to as ST TRINITY PROPERTY GROUP) respect the privacy and security of your Personal Information, as defined below, and comply with the requirements of the Australian Privacy Principles under the Privacy Act 1988 (Cth).
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Under the Act Personal Information is defined as information or an opinion about an identified individual, or an individual that is reasonably identifiable, in whatever form and regardless of whether it is true or not (Personal Information). The Act also defines a subset of Personal Information as sensitive information (for example health records, racial or ethnic origin, religious beliefs, criminal records).
The types of Personal Information we collect and hold will depend on the circumstances of collection and on the type of service we are providing. For example, when we are engaged to sell a property, we may collect and hold Personal Information from both the seller and potential buyers such as name, address, email address, telephone numbers, employment details and details about their business.
HOW WE COLLECT PERSONAL INFORMATION
We may collect Personal Information about you directly when you deal with us over the telephone, send us correspondence (whether by letter, fax or email), have contact with us in person, visit our websites or complete hard copy or online forms.
There are also circumstances where we may collect Personal Information about you from someone else. For example, from:
• Market research companies contracted by us to obtain information so that we may improve and market our services;
• Your employer;
• Other agents and valuers who may be involved in the services we provide;
• Property developers who contract us to market properties;
• Publicly available information and databases;
• Any of the companies within the St Trinity Property Group (both local and overseas);
• and Anyone you have authorised to deal with us on your behalf.
We also automatically collect certain information when you visit our websites or our subscribers receive promotional emails from us via cookies and other tracking technology (such as web beacons), some of which may be capable of personally identifying you. Such information includes the type of browser and operating system you are using, your IP address and how you use our websites.
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We generally collect, hold and use your Personal Information for the purposes for which it is provided to us (which will usually be obvious at the time of collection), related purposes or as permitted or required by law. Such purposes may include:
• Acting as agent for vendors or purchasers in relation to the sale of a property;
• Acting as agent for owners or tenants in relation to the leasing and or valuation of a property;
• Project management services;
• Structured advisory services;
• Town planning services;
• Capital allowances services and other consulting services in relation to the property market;
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We may disclose your Personal Information to third parties as may be necessary for any of the purposes stated in the above section. Such third parties generally include:
Our third party providers, contractors, consultants, agents and/or representatives (such as law firms, banks, financial institutions, insurers, IT providers, mortgage referral services providers and/or wealth management services providers) who provide services to us or on our behalf, including to:
• Conduct valuations;
• Assist with obtaining payment from creditors;
• Operate data centres;
• Conduct market research;
• Provide advice;
• Potential buyers, tenants, conjunctional real estate agents and brokers for the purpose for which the information was collected or for related purposes (for example to complete a transaction on your behalf or provide you with a service that you requested); Anyone you have authorised to deal with us on your behalf;
• Any of the companies within the St Trinity Property Group and their related companies; Government authorities, regulatory bodies, law enforcement agencies, courts, tribunals and/or parties to the legal proceedings where you have consented to this or we are required or authorised to do so by law;
• Debt collection agencies; and/or Any other third parties identified at the time of collection of your Personal Information.
DISCLOSURE OF PERSONAL INFORMATION OVERSEAS
Some of the third parties listed above to whom we may disclose your Personal Information are located overseas. For example:
Our information technology and business process service providers that are located in countries including (but not limited to) the Indonesia, India and Philippines; and Our overseas clients that are located in the same countries as the companies within the St Trinity Property Group.
However you acknowledge that, by agreeing to the disclosure of your Personal Information to these entities outside of Australia, we will no longer be required to take reasonable steps to ensure the overseas recipient’s compliance with the Australian privacy law in relation to your Personal Information and we will not be liable to you for any breach of the Australian privacy law by these overseas recipients. On this basis, you consent to such disclosure.
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There is no charge for making the request or giving the access to your Personal Information. We will deal with your request within a reasonable period after the request is made.
If we refuse to provide you with access we will provide you with a written notice that, at a minimum, outlines reasons for the refusal and the complaints mechanisms available to you.
If you wish to access the Personal Information we hold about you or to update or correct it, you can either do so by logging on to your account (if you have one) or contact us using the contact details provided below. We will require you to verify your identity and specify what information you require.
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We take reasonable steps to protect any Personal Information that we hold from misuse, interference and loss and from unauthorised access, alteration and disclosure. For example, we implement IT security procedures including password protection, firewalls and site monitoring and we store your Personal Information on a secure server.we store your Personal Information on a secure server.
However, data protection measures are never completely secure and, despite the measures we have put in place, we cannot guarantee the security of your Personal Information. You must take care to protect your Personal Information (for example, by protecting any usernames and passwords). You should notify us as soon as possible if you become aware of any security breaches.
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• St Trinity Property Group
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