Buying off the plan has become an appealing and realistic option for Australians looking to buy their first home. For many it’s the promise of a newly built home. Others like the fact that these houses are in newly-developed areas with plenty of potential for growth. It sounds too good to be true. Sometimes it is.
Many things can go wrong when you decide to buy off the plan. What you’re promised in the 3d-rendered imagery isn’t always what you get. There’s also been many horror stories associated with off the plan properties. Some never get finished when property developers fold. Other houses simply don’t get built to the high standards that they should be.
Shocked homeowners have been appalled when they realise they’re new houses lack some of the basics. You may have seen these houses featured on news stories. Some end up having rooms with doors that don’t have enough space to open. Then there’s houses made with the cheapest and most unreliable materials available on the market.
While the cost of your off the plan property may seem cheap. Don’t be too confident about the costs involved. This property type has a habit of revealing it’s true costs after you’ve already signed on the dotted line. Here are just some of the pitfalls to watch out for:
Owners corporation fees
The developer may create an Owners Corporation for your property and surrounding ones built at the same time. This locks you into a long term contract that requires paying exorbitant fees to help manage the complex.
A slow rise in value
If you’re looking to turn your off the plan property into an investment property there’s a few things you need to consider. Apartments bought off the plan can take up to a staggering 7 years to reach the value of their original purchase price. So you may not be able to increase rent or make a profit out of selling it until at least ten years.
Low rental return
It’s common for an off the plan property to be built at the same time as others that surround it. The downside is that all of these properties tend to be similar. When you’re looking to rent this property you’ll discover it’s hard to raise the rent because so many other properties around it may stay at the same low rental rate.
Getting locked into an imbedded network
Your developer may end up making your property part of an imbedded network. This may force your property and the ones around it to be locked in with the same utility suppliers. So your property could end up being stuck with higher than average utility costs. This setup also sees the developer receiving the difference between what the average household would pay and what you pay the utility supplier.
We’re not saying all off the plan properties are bad options. We just wanted to point out the bad things that can happen when builders don’t deliver what’s promised in their marketing campaigns. But there are plenty of ways to safeguard yourself from the pitfalls of buying off the plan. One of the best ways to protect yourself is using the professional services of a Buyer’s Agent.
A Buyer’s Agent can help you find the perfect off the plan property. Are you looking for short or long term returns for your new property? A Buyer’s Agent can factor in all of your preferences like this. Another advantage is that a Buyer’s Agent can help you identify unique property options from a collection of new off the plan houses. It’s often the more unique properties that can increase in value before the others around it do.
So before you consider buying off the plan, think about talking to the experts. Property professionals like Buyer’s Agents are usually experts in their chosen suburbs. They know how to identify a bargain and find properties that perfectly match your preferences.
Ready to buy off the plan? Learn more about the process by visiting wiserealestateadvice.com.
Timeless architectural features, such as courtyards, are always associated with bringing the naturally public forms to the world’s heart, building the most peaceful, secluded outdoor areas. These outdoor spaces maximize the living experience with their private space feature, which gives one the option for leisurely relaxation, recreation, or gardening. Furthermore, it has also been a […]
Imagine walking into a sunlit room with high ceilings, warm wooden floors, and a view of a leafy courtyard. How do you feel? Calm? Inspired? At ease? That’s not just your mood—it’s your brain responding to the space around you. Neuroarchitecture is an evolving domain that merges the understanding of neuroscience, psychology, and architecture to […]
A vertical garden design is a garden that grows vertically on the surface of a wall, over a column, or inside a beam or any other surface. It acts as a living wall or a surface that grows vertically instead of a horizontal surface. Vertical garden ideas have become a trend for small balconies where […]
Architecture is more than just the construction of buildings, it is a reflection of our values, art, culture, and society. It is a movement towards new, promising, and philosophical design strategies. One such movement that significantly influenced the architectural landscape is Postmodernism architecture. In this research article, readers will find a comprehensive guide for Postmodernism […]
When you are building a new home or renovating your existing space, you definitely want it to look its best and last for ages. You want something worth every penny you spend. But when we talk about making a smart choice, it’s not just about how beautiful your home looks from the outside. The decisions […]
Staircase railing design, in 2025, is surpassing mere functionality and becoming a pivotal element in interior design. Design trends embrace bold materials, sculptural forms, and thoughtful craftsmanship to elevate staircases into architectural features. From minimalist lines to artistic expressions, these 25 staircase railing ideas capture the spirit of contemporary living. Let’s delve into the blog […]
What if the home of the future didn’t have walls? Modern architecture homes aren’t just about aesthetics – it’s a rebellion. A conscious break from tradition. In a world obsessed with innovation, our homes are becoming laboratories of design, sustainability, and radical thought. Modern architecture homes are sharp-edged, glass-wrapped, tech-infused sanctuaries that defy the standard. […]
Indian homes place equal importance on pooja room door designs as they do on main door designs. With diverse and unique ethnic backgrounds, every family strives to reflect their personalities and identities in their designs. These identities can encompass religious or spiritual interests, local contexts, or other personal elements. This series of blogs, featuring 50 […]
Gate Design is an important feature of any home. Numerous scopes for experimentation open up when delving into the design possibilities. Materials like wood and black steel are popular options in Indian homes. At the same time, designers also experiment with a combination of materials that suits their aesthetic. Buying mass-produced Sydney automated gates has […]
The word “Vastu” refers to the dwelling place of humans and gods, while “shastra” means science or knowledge, hence Vastu Shastra for house is the science of architecture. Vastu Shastra for house is an ongoing practice in India since one can remember. Almost every architect and designer wields it in conceptualizing their projects. Vastu Shastra provides […]