Buying off the plan has long held a healthy dose of temptation for the majority vying for new property in Australia’s urban hotspots.
With the associated tantalising tax concessions and longer timelines until completion (allowing more savings to amass for that all important deposit), it’s become more necessary than ever to lift the veil on the process and highlight the social, environmental and financial incentives in purchasing property off the plan
At Neometro we appreciate that buying off the plan can be a complicated process so on Saturday 12th May we sat down to talk through the ins and outs to bring you that step closer to purchasing your piece of the urban high-density dream.
Taking things one step at a time, the very first (and largest) piece of the buying-off-the-plan puzzle comes down to due diligence. Establishing the answers to the where, what and who when it comes to finding the right property.
- Where do you want to buy?
- What do you want that location to offer?
- What design elements are essential when it comes to apartment layout and aspect?
In lieu of a physical space to walk through, other elements become essential to help prospective buyers engage with planned buildings to find aspects that really resonate. Things like the material choices, how the property engages with the street and what the landscaping looks like (if any) go a long way in establishing and managing expectations of what a “good home” means beyond its finishes and appliances. Having this level of understanding leads to a more informed commitment when the time comes to sign on the dotted line.
At Neometro we know that one of the biggest draw-cards with buying off the plan in today’s property market is having the opportunity to invest in developments that offer more socially aware floor-plans and employ sustainable building methods and processes. Living within a development that is forward geared for lifestyle through good design offers residents a level of pride and connectedness with their surroundings, and can go a long way to advocate good mental health. It also lends a sense of longevity to the housing model itself giving the all-important opportunity for the property to grow in value over time and evolve with the needs of its inhabitants.
Once the preferred building type and location are established, it’s time to familiarise yourself with the proposed developments out there that fit your criteria before embarking on a second round of due diligence with a focus on the developer, architect, and builder. Who are they? Do they have a good reputation for residential builds? How do they intend to maintain the building to see it through the next 10, 20 even 30 years? All of these stopgaps bring the risk factor down considerably and go a long way in realising expectation. At Neometro we have adopted the Triple Bottom Line approach as a way of addressing all of these factors. This means a considered design development in terms of the social, environmental and financial implications of our builds. All our projects are built to hit long-term targets ensuring the residential environments remain relevant, sustainable and maintain the opportunity for materials and design aesthetics to wear into their environments as opposed to wearing out.
Throughout the due diligence process, in-roads are made to chisel down the excess essentially leaving a clear understanding of the type and location of the development to purchase in.
The next stage of the process is all about finding the right apartment within the chosen development that fits your lifestyle needs. This is where the plans come out to help you establish an understanding of the interior spaces as well as forming an idea of the aspect of the apartments in terms of what they look on to, what floor of the building they are located on etc. Architectural plans can, at times, appear rather abstract so it can be incredibly beneficial to ask a few key questions to help the plans begin to make sense.
- What is the proposed furniture layout?
- How much natural light and ventilation is evident in the apartment?
- What are the sizes and locations of each room? What are the ceiling heights?
- How much storage and joinery is included and what does it look like?
Proposed furniture layout documented on apartment floor plans by NEOMETRO.
Neometro presents renders to each prospective buyer as a further point of reference to really understand the proposed scale of the interiors of our apartments. We find it a vital step in the process to establish a rapport with a building that is yet to be built.
By this point, you’ve come pretty far in your journey to purchase off the plan. You know what you want in a building and a location. You are confident in the ability and methodology employed by the developer. You know what your money is buying and have confidence in your expectations of the finished build in terms of building amenities (and associated costs) and your interior spaces. So are you ready to sign?
Once the contract is drawn up, the level of understanding you have established throughout the process up until now goes a long way in ensuring you feel confident in your choice and your commitment to it. As construction begins, this confidence is nurtured at Neometro through regular and frequent updates on the build which we feel are fundamental to maintaining an understanding of the all-important expected completion date. Removing the stigma of unknown completion dates is part of how we help owners manage expectation on when they will be walking into their new home so that they can plan for that moment.
On completion, an inspection and final valuation of the property is conducted prior to settlement and then it’s time to move in.
Words by Tiffany Jade