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5 Tips for Buying Off The Plan

For many Australians, buying property can feel like an overwhelming process. There is a lot to consider when taking the plunge into the property market. But while there can be challenges, for many there is no greater reward than achieving the great Australian dream of property ownership. Below are five tips to consider to get you closer to your brand new home

Finance

Do you research, understand the lending policy and read the terms and ensure your bank can lend you the desired amount. This can change depending on your savings and could range from 10% to 50% depending on your personal situation.

Grants

The NSW Government has developed a new package of measures designed to improve housing affordability across the state. Given the tougher market conditions in Sydney, the big winners are first home buyers. The tighter market has shown some great buying opportunities in key suburbs in the Inner West and Hills districts.

There are a range of perks from stamp duty exemptions, deferred payments and even insurance indemnities. Each project will be different, and can be reviewed in detail at https://www.nsw.gov.au/improving-nsw/projects-and-initiatives/first-home-buyers/

What to Buy

There are 3 key buyer types: owner-occupiers, investors and first home buyers. Owner-occupiers are typically looking to downsize from a traditional home to a 3 or 4 bedroom apartment, with long term value their top agenda. For investors and first home buyers, price point and yield is a priority. But for all home buyers, the points to consider when deciding what to buy are 'what are your immediate needs?', 'what you can afford?' and 'what will perform well when it comes to selling your investment?'. A carefully considered decision is critical for long term success.

Location

You have heard it all before, but location, location, location! Get out and have a look at areas of interest -- walk the streets, visits display suites and review floor plans on site. After all, you are buying a location, not an ad online. Seeing completed projects and well-designed display apartments can also give you buyer confidence, so make sure you see these in your travels.

Timing Your Buy

Boutique developments usually see a rush of buyers on launch as stock is minimal, where multi-stage developments typically see buyers in the early stages. So take advantage of potential price growth over the life of the project.

Key takeaway
1. Look for growth areas
2. Buy from proven developers
3. Quality always wins
4. Location, location, location
Don’t over leverage yourself and rush your decisions, getting it wrong could result in years of financial hardship.

Terms - This article is not financial advice, buyers should seek third party information before making any purchasing decisions.

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