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 workare 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.