Coldwell Banker Surfers Realty can make buying a home or apartment easy, whatever type of property you are searching for. Get started by searching for a property using our property search, or contact one of our real estate professionals to guide you.
The Coldwell Banker Personal RetrieverR can also help you with buying a home. Simply save your search and let our Personal Retriever email you when new properties are listed that meet your criteria. We can also provide you with valuable suburb information.
If you're also selling a home, check our Seller's Section for guidance and advice. If your property is currently listed with a real estate agent, please disregard. It is not our intention to solicit the offerings of other real estate brokers. We are happy to work with them and co-operate fully.
Buying 'Off The Plan' As the term suggests, buying 'off the plan' means entering into a contract to purchase a property at today's prices prior to its construction being completed. This property must be built from a plan of subdivision and will therefore commonly be an apartment or unit, villa or townhouse or House and Land Package.
Advantages of Buying Off the Plan
Buying a property at today's prices and settling later is a tempting proposition, especially in a rising market. In a rising market property market, it is possible for the value of your asset to increase between the period of signing the contract and moving in. So, buying off the plan can offer significant savings compared to buying an existing building.
Buying 'off the plan' can offer you extra time to save your money for any additional deposits or for future mortgage repayments. A deposit will be required when you sign the contract, however the balance should not be required until construction is completed. This can take many months to several years, during which time you can grow your savings.
The main advantage to buying 'off the plan' for house and land packages is the considerable saving you can make on Stamp Duty, i.e. you only pay stamp duty on the land. In some Australian states, the law requires Stamp Duty be paid on the value of the property at the time of signing the purchase agreement (contract).
By buying 'off the plan' in an apartment or townhouse development you often enter into a contract before construction commences. Payment of stamp duty can be delayed up to 24 months subject to the Approval of the Commissioner of Taxation meaning your only significant financial commitment is the payment of a deposit. in most cases you pay 10% of the purchase price on signing the contract. the balance of the purchase price is paid on settlement when the building in complete and titles are issued.
One further advantage to buying 'off the plan' is that you will eventually move into a brand new property. You may even have been able to select your own finishes or fittings (e.g. lights, carpet and dishwasher) for your home.