Hi,
I am looking at an apartment 1Br/1Ba/1Car at 2127 Wentworth Point, NSW. Itll be off the plan. Could you give me some advice on buying of the plan and if possible some opinion on this area?
I am new to this stuff so any advice is much appreciated.
Thanks a lot.ET
Ummm…don't do it?
You would be much better served getting something established IMHO.
It'll likely be much more value (and cheaper to boot), has a "real" $ value, and is something you can do your sums/research reliably on.
Don't be tempted by the prospect of govt concessions, such as stamp duty concessions, and FHOG etc unless it makes good sense to do so. Don't be fooled by what a good investment you are being told it is. Make sure it is! It's your money.
Learn as much as you can, do your homework, checks and inspections, and you can't really go wrong. Plus you'll have skills you can utilise in the future, on your next one (and the one after that!).
It is not unheard of for off the plan places to be worth less (sometimes a lot less) than what you ultimately are paying for them…which can make finance interesting…especially if you are looking at 90-95% finance…guess who has to come up with the difference?
There's stacks on info in this forum, and all over the internet. Get out and immerse yourself in the market. Open houses, real estates, auctions.
You best get started…there is no time like the present.I am sure others would disagree with the above, however the decision remains up to you, and off the plan or not, if it doesn't make good financial sense to get the place, then don't get it.
Apologies if you were looking for a yes/no answer….
Make sure you have a good deposit, if property trends south, you will need the extra cash to make up the short-fall as the LVR will be reduced.
Hello ET,
Go to realestate.com.au
We bought a 2 year old new york style apartment for 330K walk to shops.
Why pay the new prices when you can save over 100K
D
I agree with wealthforlife; I will add however that homes off the plan in capital cities (with 10-20km) of the CBD seem to have higher prices than that off outlying suburbs or large regional towns. Having said that, the capital growth in these areas is not as great.
I have bought in the last 12 months 2 places off the plan that were cheaper that 5 year old counterparts in Ballarat…
DYOR
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