Off The Plan Pre-Settlement

Buying Off The Plan

Buying off the plan can be a good option if you’re looking to enter the property market. Buying off the plan usually offers buyers substantial discounts that make it an attractive option compared to waiting until the property is finished and ready to move in.

The benefits of buying off the plan are that you are getting a brand new property, and you’ll have a reasonable amount of time before the property is ready to move into it. This additional build time gives you plenty of time to get your affairs in order before you move. However, like any significant purchase, you must research and ensure that buying off the plan is the right choice for your needs.

Buying off the plan means you agree to purchase a property based solely on the plans provided. Usually, there isn’t an actual building to walk through, although you may be provided with several architectural drawings or an artist’s impression of what the completed building will look like. You may be provided examples of past projects the builder completed, which will allow you to judge their work.

The first stage of buying off the plan is finding a project you love. After you talk to the builder and decide which floor plan best suits your needs and you’ve made any adjustments to the internal layout (if possible), a contract will be drawn up, and you’ll need to go over it with your solicitor.

The contract will detail the payments required, the developer’s responsibilities in completing the building, and their obligations to you. Your solicitor will help you make sense of the contract and explain unfamiliar parts. You should ask your solicitor before signing the contract if there is anything you don’t understand.

After you sign the contract, your builder will sign an identical one, and you’ll exchange them. This part is usually done through your solicitor. When the contracts are signed, you’ll need to pay a deposit for the property.

When the building is completed, your builder will contact you to arrange for a pre-settlement inspection. Hiring a qualified inspector from Owner Inspections can help with ensuring the builder has completed the project according to the specifications set out in your contract. A report can be compiled that details any issues that need to be corrected before the final settlement.

  • You can’t inspect the property before you sign the contract, and you need to rely on floor plans, artist impressions, and advertising.
  • There maybe be differences between what you expect and what you get with internal fixtures.
  • Unexpected changes to the plan.
  • Uncertain completion dates.
  • Contracts can be complex and challenging to understand.
  • Finance may be more challenging the secure.
  • The final property may be worth less than expected due to market factors.
  • Savings on stamp duty.
  • Tax benefits with depreciation.
  • A newer property has fewer repairs required.
  • Possibility of reduced power bills.
  • Usually cheaper compared to buying a ready-built property.

Buying off the plan can be the ideal way to purchase an investment or a place to live for many people. However, you need to ensure it is the right fit for you, and what works for others may not be suitable for you. Ask the developer as many questions as possible and have a clear understanding of how the entire process will work.

When asking questions, always note that the developer is looking for a sale. Seeking independent advice can be the best method for deciding if an off-the-plan purchase is the best option for your situation.

Buying off the plan can be the ideal way to purchase an investment or a place to live for many people. However, you need to ensure it is the right fit for you, and what works for others may not be suitable for you. Ask the developer as many questions as possible and have a clear understanding of how the entire process will work.

When asking questions, always note that the developer is looking for a sale. Seeking independent advice can be the best method for deciding if an off-the-plan purchase is the best option for your situation.

When purchasing a property or apartment off the plan (OTP), you are taking some risks. For example, unexpected changes to the plans due to material shortages, only seeing the plans and not the finishing touches. In order to remain risk-averse, there are several things you can do to protect your investment and ensure that everything runs as smoothly as you can control. One of the most valuable tools you can utilise is the services of a private building inspector. A private inspector (when carefully chosen) can help you to ensure the contractual agreement clauses are met and the variations in the estimated scope of work are completed to a high level of quality. Selecting a private inspector with a wealth of knowledge and experience is crucial to ensuring you get the most out of your plan, as there is a broad range of changeable aspects when signing a contractual agreement and purchasing an OTP property. For example, you can result in spending over budget unexpectedly. Paying a small fee for a private inspector can result in you paying less in the long run.

Buying off the plan can be scary, and that is where Owner Inspections come in. We have qualified experts on hand that recognise the style and potential suspicions of the buildings. Understanding how the industry works is key in leveraging your position upwards and ultimately putting yourself and your investment in a safer position.

Investors need to recognise that many laws and obligations must be met by a builder or developer when building a property off the plan, for example, the Sale of Land Act 1962—recently updated for the benefit of buyers, removing the ability for developers to deliberately delay building processes in order to cancel contracts and re-sell at a higher price. The result? as a buyer, you will have wasted valuable time waiting for a property that is no longer available.
By engaging in Owner Inspections, you are engaging with a knowledgeable team that will be able to point you in the right direction.

A buyer must note some instances where a new home purchaser may only be permitted to organise one or very few inspections during the off-the-plan build process. Owner Inspection can assist you with making this decision, based on your plan and the scope of work involved, and ensuring that the inspection you chose will be the right one, providing you with a comprehensive report.

To enquire with us today, call us on 1300 471 805 or email enquiries@ownerinspections.com.au.

Don’t just take our word for it

Here’s what our clients say about us
Lisa Skinner
Lisa Skinner
Read More
I am absolutely thrilled with the professional service I ave received from the whole team at Owner Inspections. From Des who provided my initial quote, one that is far more competitive than any of the other 3 I got, to the team at bookings who have been responsive and flexible to my communications and requirements. Finally my actual on site inspector Ty has been professional with an excellent eye for detail. I can not recommend these guys highly enough, and firmly believe it is a very sound investment for my build. Thank you all so much. Lisa
Vishal Ranjan
Vishal Ranjan
Read More
We hired them after a bit of research and recommendation from a friend, who also had great experience with them. They also advice you with proper response if builder pushes back on any of the rectification request. Our experience with them is pleasant and I believe their service is value for money. They are professional, very responsive and respond to queries promptly.
Nagaraj A.H
Nagaraj A.H
Read More
They have done extremely well by identifying all the faults. Professional and very friendly! I would like to choose them all the time! I have done multiple house inspections while searching for the house and always my go to inspectors for all the building inspections....Cost is also reasonable and competitive. Also helped in allocating resources during the given time, since existing tenant has given some odd timings.

Special thanks once again, for doing a great job from Owner inspection company side on my inspections.
Trevayne
Trevayne
Read More
Highly recommend owner inspections as your private inspector. They were very helpful and informative from the get go and always responded to any queries very promptly, even after business hours. Their price was very competitive and had a few perks that other companies didn’t have. Will definitely use them in future! Thanks guys
JET A
JET A
Read More
The team is very accommodating to changes in inspection schedules. The inspection reports are well written and I am glad to have asked them to do 3 inspections for my house - frame, lock -up, and fixing. I'd recommend you talk to them to get a price bundle on inspections.
Tofique Tambawala
Tofique Tambawala
Read More
I recently got the pre pour slab steel review done. The process was really smooth. The inspector was very friendly and explained everything nicely. Report was nice with photographs. And there was good support after as well for defect fixes
Hariharan V
Hariharan V
Read More
I’ve really had a pleasant experience with Owners Inspection. First of all Des has been wonderful calm and patient in answering all my queries and Yilmaz has been excellent with the inspection done. Got the report very next day morning and most of the corrections were already done. Would certainly recommend.
mary ann cortez
mary ann cortez
Read More
They have high quality reports. I am building with Carlisle Homes and they acknowledge their reports. No issues. Very easy to deal with. Highlights will be the customer service and timely reports. I availed all Stages inspection and it is worth it especially if you do not have A) time B) know how in construction.
khyati dogra
khyati dogra
Read More
The frame inspection was professionally carried out. The inspector was quite meticulous and did a great job. The report was detailed to pick up the defects. My partner and I are satisfied with the service provided.
JET A
JET A
Read More
The team is very accommodating to changes in inspection schedules. The inspection reports are well written and I am glad to have asked them to do 3 inspections for my house - frame, lock -up, and fixing. I'd recommend you talk to them to get a price bundle on inspections.
Previous
Next