Hello
I have recently come across a newly project off the plan built by the Universal Property Group (aka Western Sydney Property Group) in Toongabbie. I have come across some bad feedback about them and could you please advise whether i can go ahead and purchase a 2BR unit in Toongabbie or not. i would really appreciate a feedback on this builders as i am trying to buy my first home. ThanksRun the other way as fast as you can for 2 reasons. Firstly off the plan purchases are generally and in most cases high risk investments. Secondly, Toongabbie is not the right market for off the plan units. Duplexes are a different story but certainly not units. With the same money (maybe a little bit more) you can grab yourself a house.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
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Thanks for the advise. The builder quoted $390000 for a 2 bed and 2 bath and the units are coming up close to the station. Can you please suggest an alternative place where i can buy a villa, row house or unit close to the station for under 400k. i want to buy something off the plan coz of the government incentives. Thanks
I am not a buyers agents but I do have clients investing in that area and I have 2 properties in Wenty. I would personally either spend low to mid $300k on a unit in Westmead with low strata and high rental yield and demand or buy a house for about $400k (will need renovations) in toongabbie. Think about the resale. I doubt you will have too many buyers wanting to spend $390k for a unit in toongabbie. Also re an OTP – do you know the quality of the unit you will get? How confident are you that when the bank does the valuation once it is complete that it will be in fact worth $390k? Don't want to be negative – i just think you can make your money work harder for you through a different property type.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
HI Narne,
few of my friends bought with that builders off the plan and they wish they never committed to it.
two reasons:
Once you pay deposit for the unit, you don't have options/or money to look else where, you are kind of locked in to it
it may take year or two longer then what builder is promising (usual for this builder from what i hear).
I agree with shahin that if you are buying at $390K + cost, think about resale.
Very good friend of mine bought town house (3 bed+ 2 bathroom) for $420K in toongabie area, close to station, so look for such properties.
You can also ring Anthony at Benprice real estate in Mt druitt, he has few houses (on bigger block) closer to station. such property can be subdivided and sell to repay your exisiitng loan and reduce debt.
I am not profession investor but Shahin(he knows western Sydney area well) and others on this forum can guide you well.
Latest feedback from the NSW courts is that the builder doesn’t require home warranty insurance if multi storey & defect rectification through body corporate will need to be fought in the courts not with fair trading.
https://www.propertyinvesting.com/forums/legal-accounting/4346406
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