Many first home buyers and investors are purchasing their property off-plan in the current market. Many are also looking to buy a new property and rent it out for passive income and potentially maximising their property investment portfolio. In today’s article, let us share with you what is off-plan purchasing and what are their benefits.

So what is off-plan purchasing?

This simply means purchasing a property based on a builder’s plan as opposed to buying a completed existing home. Sometimes,  developers sell the homes that will be built from their plans and collect a deposit in advance so that they can cover the labour costs and material costs throughout the building process until the house is finally completed and sold.  

For investors looking to buy and rent the property out, they are more interested in snatching up a brand-new, low-maintenance home which is below market value, hence off-plan purchase is a popular option for them.

Top 3 Benefits Of Off-Plan Purchasing

1. Save money on property purchase

The main benefit of buying off-plan is that you may get a new house for less than the market value, which often results in savings of around 5–10%. This is a great way to grow your property investment portfolio or securing your first home with a great quality build that is newly constructed and offered at a great price.

2. Great value with brand new fixtures and fittings

When you purchase a home off-plan, all the fixtures and fittings will already be professionally installed, saving you the hassle of doing it yourself. Since the developer is installing the same fixtures across the development and will be hiring electricians, plumbers, and painters, you will certainly benefit from a much better value due to the economies of scale. This will enable you to save your precious time and money.

3. Property in location with great demand

A developer is unlikely to take the risk of building multiple homes or townhouses in an area without first determining the demand of homes in the neighbourhood. As a result, you may reap the benefit of having a home that you will have no problem renting out immediately or selling in the future.

In summary, off-plan purchasing is a great option for first homebuyers and investors looking to grow their property portfolio due to the benefits above. However, you have to seek professional advice to avoid pitfalls. Always choose an established developer like Williams Corporation to ensure the quality of build and handing over of your property timely. Feel free to connect with our friendly client consultants to avoid the pitfalls and purchase your property off-plan with ease!