Purchasing a property is a great thing, it is a dream for all of us, but there is no point if you buy one that does not align with how you dreamt about it right?
And that’s exactly what needs to be looked into and you need to know some tips while investing in the apartments off the plan Gold Coast.For that you have decided to buy an off plan apartment there are certain factors that need to be considered before investing and be better away from scams and melancholy.
- Know about schemes and state grants
There are certain schemes that might be applicable to certain conditions that benefit the first time buyers. These grants vary from state to state and can usually cap from $10,000to $20,000 that usually applies to projects that range from $600,000 to $650,000.
Choosing the right project Investors are of majorly three types.
- Owner occupiers: Such buyers must concentrate on the quality and long time endurance and a two or three bedroom facility works well.
- Investors: These sorts of people aim to extract the maximum benefit out of the purchase.
First time buyers: Such lot of people aims mainly on the friendly budget affordability and suitable living environment.
These projects can be easily found in print media like newspapers, magazines and also they are now commonly available in the form of e-prints.
Visit completed past projects of the concerned off the plan developers you are planning to invest in.Keep an eye on the progress of projects that are going around the area as there are times when high density development areas have an oversupply and slows the capital growth, hence restricting the yields on rent for the investor group of buyers.In case of financial issues, it is recommended to buy on projects that are close to their completion status as banks usually give a lease to the right valuation as by now they have some physical structure to rely upon as a guarantee.
Commonly a reservation fee, which ranges from $2000 to $5000, is required as a guarantee which can be refunded until the contracts are exchanged where you have are liable to submit a 10 percent non refundable deposit. The remaining payment of the purchase price of the project would be submitted only on when the building is complete and ready to be settled.Also, it would be wise to check out the apartment before the complete payment of the remaining sum as you probably have a better hold on getting them corrected if they were mentioned in the contract and the developer is yet to be payed.