Forum Replies Created
Hi Brazy, We purchased a property through TIC. They are basically agents for builders. You could wait up to two or more years for your property. I would now purchase a property that is already built under four years old. Then you get the depreciation and can rent it immediately, and aren't at the mercy of the builder who can supply when he feels like. Also their promise of offsetting rent needs to be an agreement in writing. When the lost rent is calculated due to delays we are about $20,000 out of pocket, and that is growing as the property is still not rented nearly three years later and still paying the mortgage. We would recommend that you be very careful. Buying off the plan is risky unless you have a contracted finish date with a the builder paying the mortgage if not completed on time. They have been sued in the past for misleading projections of the values of the properties they promote. if you search you will probably be able to find those cases. One case was lodged in WA.
Hi, Regarding TIC. We fell for the sales pitch. Two years later still waiting for the property to be completed. When asked for an explanation a few times on their forum our questions were deleted immediately they didn't want any adverse requests on their forum. I have now realised they are an organisation working exclusively for builders to sell properties and get commissions. Of course most properties will make money in time. I gather the builder was broke didn't even own the land. He seems to be scratching along. We just are hoping an praying it gets finished. If you do anything with TIC which I wouldn't. I recommend you get a completion date written into the contract with penalties. If they won't do that then guess they can take forever.
We learnt the hard way.
