Jellis Craig Property Journal Edition 133 2016

Property Magazine

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EDITION 133

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20th - 26th October 2016

OFF THE PLAN OPPORTUNITIES

Picture this. You are staring at the plans of a yet-tobe-built luxury high-rise apartment complex and one particular layout on the 17th floor catches your eye.

You wonder what the view would be like.

may take up to four years, during which time extra savings can be made. Downsizers also can find that the value of their existing home increases before it is necessary to sell and move.

In the past such a question couldn’t possibly be answered without a lot of guesswork and gazing into the distance. However, thanks to modern technology, in particular the clever use of camera-mounted drones, now the developer or real estate agent can show a prospective off-the-plan buyer exactly what that view would be like from the 17th floor.

Buying off the plan means being involved in the build process to the point that most developers encourage input on customising floor plans and upgrading fittings, finishes and appliances. For example, for those who like the finer things in life, a study nook can become a temperature-controlled wine cellar.

Being unable to physically walk through a property is one of the drawbacks of buying off the plan—there’s no apartment or house, only a design and a concept.

However, clever use of brilliantly animated digital imagery has made selecting the right property or apartment much easier.

This level of involvement is not available to buyers of established houses and apartments, where it can be “take what you get”, resulting in significant costs to refurbish. For investors, having a bespoke build off the plan can mean greater capital growth and increased rental yields, along with the bonus of significant concessions on stamp duty.

Time is the friend of the off-the-plan buyer—buying at today’s price for tomorrow’s equity—because it’s possible for property prices to rise during a build that

Remember, it is important to buy from a reputable developer, understand the contract and get the best legal advice.

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