Thinking of buying off-the-plan? Don't get swindled with our handy checklist.
Check all of the following:
o Research population growth
o Research employment opportunities
o Research infrastructure spending (public and private)
o Research recent capital growth, average annual growth
o Contact local real estate agents
o Contact other acquaintances- both industry insiders and outsiders
o Research developer track record – Google/ASIC
o Research previous developments – Google
o Visit previous developments
o Check council records for nearby proposals
o Check approvals in place (with developer)
o Check outlook, aspect of property, fittings, car spaces
o Check valuation against open market
o Check number of sales – query with developer as necessary
o Check body corporate fees, depreciation, etc
o Are deposit bonds accepted?
o Check proposed completion date and sunset clauses
o Confirm borrowing limit
o Check for government incentives for off-the-plan
o Apply for deposit (if necessary)
o Work out budget – including holding/mortgage costs, depreciation, tax rebate
o Negotiate incentives (rent guarantees, furniture packages, etc)
o Seek legal advice over contract
o When contract finalised, sign and put down deposit/deposit bond
o Ensure 10% buffer in place before completion
o Apply for finance
o Check property is as promised – valuation will also do this
o Seek alternative valuation if comes in low
o Settlement: get finance; pay deposit (if deposit bond used); tip in remainder if valuation low
o Seek tenants
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out