Buying off the plan

[givemeaspell]

have you purchased off the plan?  wondering what advice you have.  would you do it again or wait till you could see the finished product?  apartments.....

[lurker172602]

We did.  No dramas, but it didn't turn into the great investment we had hoped for.  We kept it for about 10 years, mainly as a tax write off.

[amber-eyed-girl]

Some things to think of: 

research the builder (and see if you can go look at a finished building)

who will own the rest of the apartments? Owner occupiers or tenants

Does the builder retain any? Depending on the number, the builder could retain control over body corporate decisions by sheer weight

Look into whether you can get your own insurance in case it goes bust so you don't lose your deposit...

be aware plans can change, too, and you need to very carefully check the contract for how it might change (number of apartments, their size)

so long as you check Everything you should be ok...also be aware of what happens if the building isn't finished by a certain date.

[ooak3]

my daughter bought an appartment off the plan 

she just heard 2 days ago that it is ready to move into in 2 weeks time finally!!

its a huge block 100 units 

and it's 18 months behind the time they said it would be ready

she hasent been inside yet so fingers crossed its ok 

the best bit is that it is worth $150,000 more now !!

so even if she doesent like it it will have been a good investment

they were all sold well over a year ago so no use waiting if you realy want one

[givemeaspell]

thanks, in 2 minds, we want to downsize but Im a bit hesitant moving from a house to an apartment with over 230 other residents. OH thinks if we don't like it sell it. Im a procrastinator he's the total opposite lol.  But it is a big decision.

[ooak3]

oh yes your right there biiig decision !!!

property of any kind is soo expensive  

but even buying a house doesent garantee good neighbours it's all in the luck of the draw unfortunatly lol

good luck with what ever you decide to do 

[esayaf]

Don't have to stand in a lift with your neighbours with a house

[moonflyte]

Good luck, I hope you find something great that you both enjoy. Tip: don't go into a retirement park with demountables. A friend did and although it was pleasant they moved within 2 years and bought a house again.

[lloydslights]

I have heard both good and bad about buying off the plan.  ....read, really good and horrifically bad

Read http://www.fairtrading.nsw.gov.au/ftw/Tenants_and_home_owners/Buying_property/Buying_off_the_plan.pa...

DEB

[lurker172602]

I know several people, couples and singles, who live in demountables and love it.  Depends on the neighbors and park management I suppose, same as any medium or high density housing.  I wouldn't discount all of them out of hand.