The Benefits of Buying an Apartment Off the Plan
January 24 2024
The desire to live in the Gold Coast’s most bountiful lifestyle locations is driving demand for the steady stream of luxury apartment projects taking shape along the coastline.
Beyond the obvious advantages to living close to the beach, cafes and conveniences, there are several more advantages to purchasing a property off-the-plan.
A small deposit is generally required to purchase a property off-the-plan. Buyers then have an extended period of time to save or gather their finances, with settlement not taking place until construction is complete.
Unlike the purchase of an established property, where settlement is usually four to six weeks after a contract has been finalised, it could be several months or even years before settlement monies are due on off-the-plan purchases.
The longer settlement period creates flexibility around different markets. Buyers can hold on to their current properties and sell if the market improves. Buyers may also find that the value of their new property increases by the time they move in.
Purchasing off-the-plan gives buyers more control over the design elements of their home, with the opportunity to customise fixtures, fittings, finishes and, in some cases, floor plans. During the early stages, many developers offer customisation opportunities where buyers can make personalised changes to suit their circumstance, preferences and desires.
Shiney and New
One of the more obvious benefits of buying off-the-plan is owning something that has never been lived in. Owner-occupiers will enjoy the benefit of moving into something brand new, while investors will appreciate maximum rental returns and depreciation, with new builds attracting better rental yields, on average, than older established properties.
Warranties and Guarantees
New build properties come with long-term warranties, offering buyers peace of mind that, once a property has settled, they should not have any further financial outlays for several years.
The Queensland Home Warranty Scheme covers buyers for six years and six months, during which time they can lodge a claim for any structural or cosmetic defects to a new build. Appliances, fittings and fixtures should also be covered by standard manufacturer warranties at a minimum.
New projects are often situated in favourable areas to attract buyers seeking location and lifestyle options.
Some buyers may desire to live closer to the beach, have ocean views or access to amenities, such as a lap pool, gymnasium, and private lounges, without having to be responsible for the maintenance.
While one new-build project may not tick all boxes, it is likely that another will. This creates demand, drives off-the-plan sales, and keeps prices within new projects buoyant.
View a range of new projects currently for sale on the Gold Coast.