How can you minimise the risks associated with buying a property before it's even been built and ensure you're securing a solid investment property?
Tips for buying off-the-plan
• Do your due diligence. Research the median price growth of apartments in the area you are looking to invest, as well as vacancy rates, rents, employment statistics, demographics and growth drivers
• Research the development team. Read up on information on the developer’s previous projects and buyers’ satisfaction post-completion date
• Get independent legal advice before you sign any contracts
• Visit the property site. Although the construction may not have commenced, it is important to get a feel for the area and location of the site. It also makes it easier to visualise the property once you have been to the site
• Visit the showroom. Get a feel for what the apartment will be like – it is difficult to do this by simply looking at a plan. Visiting the show room will allow you to see what the finishes will be like – if it feels high quality, if it feels spacious or cramped, if the layout flows well and much more
• Get in early so that you have more options to choose from. Once you have visited the construction site, you will have more of an idea of which streets are busier and which direction will offer a better view. Use this knowledge to choose the best apartment from the options available