Buying off the plan: Are there benefits for your Surfers Paradise property goals?
There are a lot of different things to consider when looking into buying Surfers Paradise property. One of the first decisions you'll need to make is between buying a preexisting home or if you'd like to undertake the construction of your own real estate off the plan. There are benefits to both, but it's more uncommon for people to pursue the off the plan option from the get-go.
However, here are some of the potential benefits you stand to reap if you decide to commit to an off-the-plan property project.
A great option for buyer finances
It's no secret that purchasing real estate in Australia can be an expensive endeavour, and this is even more certain when looking into the Surfers Paradise market. With the degree of luxury that comes with these homes, the property market can be extremely strong and competitive – a daunting experience for first-time buyers hoping to secure their own property in the Sunshine State.
However, when it comes to buying property off the plan, the best part is that the you aren't expected to begin making repayments on your home loan until the project is finished. Outside of your initial deposit, no money needs to be spent until the project is finished and you've moved into the property.
Due to the amount of time these construction projects can take, this could be a great option to consider for those hoping to secure their spot in the market before they've got the necessary funds together. This provides you with the entire building time to begin saving up and building a nice little nest egg before being required to pay it off.
Potential for reduced bills
This isn't to say that you get smaller bills simply for taking the initiative and building your own home. However, when you to decide to undergo your own construction projects, chances are you'll be able to choose what kinds of fixtures and materials are used in the construction.
What this means is that you'll have complete control over the types of appliances used in the property, allowing you to choose power-saving fixtures for things like electricity, water usage, electrical systems and the like. These are becoming increasingly popular among buyers across the nation, so bring up the potential when discussing your plans and overall plans with the builder and begin working towards creating a more sustainable, cheaper property.
Chance to see capital gains growth
This is more centred around property investors taking it upon themselves to build new properties in their portfolios, but considering off-the-plan projects as your next investment could be a brilliant idea to entertain.
When buying off-the-plan real estate, you lock in the current market price for your property. This means that, regardless of what happens between agreeing to the off-the-plan property and the actual construction completion, you're only obliged to repay the original, agreed upon worth of the property.
Therefore, smart buying can mean choosing real estate in a strong market area that could undergo large degrees of growth by the time the project is finished – ending up being worth more overall than when the construction began.
Often, this means investors can simply sell the property immediately for a profit, pay off their outstanding mortgage straight away and secure a nice healthy profit. Of course, this has the potential to go south as well, which means weighing up your options and not putting all your eggs in one basket.
These are just some of the benefits that can come from considering off-the-plan property in Surfers Paradise. Get in touch with a local real estate agent to begin discussing the potential of this in your future.