Buying off the plan - your checklist

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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

Practical completion/completion
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

Do you have more than $200k in your super fund? You could use your super to buy property - Find out how

Top Suburbs : rockville , nightcliff , narara , thebarton , whyalla

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