Buying off-the-plan presents a brilliant opportunity for buyers, especially during the COVID-19 pandemic.
The biggest advantage to purchasing off-the-plan property is that buyers are offered the unique opportunity to put down a fraction of the final cost of their home initially, often with no additional money required until settlement. This helps the buyer to do some financial planning for the future and is an ideal way to secure a property now, without the immediate, pressing financial obligations (at least until the COVID-19 pandemic and its effects have passed).
The property and development sector is always quick to give flexible options of private and virtual inspections. These types of inspections are relatively common for off-the-plan developments and have proven to work very well for the buyer.
Off-the-plan properties are brand new, meaning they can often come with stamp duty savings and other grants. Eligible first-home buyers can access the $10,000 NSW First Home Owners Grant if the purchase price does not exceed $600,000.
Many developers are also offering numerous incentives to assist buyers in the process of purchasing an off-the-plan property, especially during COVID-19. These can include schemes such as rebates, discounts and even upgrade packages. With no one spending money on brunch (shall we also say avocado toast?), now is the best time to buy off the plan.
If ‘Savings’ & ‘Discount’ have your name written on all of them, and with COVID-19 not going anywhere anytime soon, you should consider buying off the plan. New apartments that are purchased off the plan are competitively priced with lower minimum deposits and can often appreciate in value before the development is even complete.
Off-the-plan apartments are often concentrated in high-demand suburbs, with close proximity to shopping hubs, public transport and local amenities. Moreover, they are able to offer more upfront security options, with many locked to resident-only access. When buying off the plan, you might actually end up with more cash up your sleeve availing grants and schemes by developers and both State & Federal Governments.
St Trinity Property Group can arrange a phone call, a virtual meeting, or an in-person private appointment with you to answer any queries about buying off the plan. Moreover, exploring 3D Floor plans can be a good option as well for prospective buyers who might want to look at the layout of a property remotely during the pandemic.
To find out more about how to get into the Sydney property market, get in touch with St Trinity Property Group on (02) 9099 3412 or check out what apartments are currently available.
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.