by Neometro
 

A Guide To Buying Off The Plan

Architecture, Design - by Open Journal
  • Buying Off The Plan

6th October, 2021

Buying off the plan can feel uncertain, but it certainly shouldn’t if you do your homework. Whether you’re new to the market or looking to upgrade, we’ve put together the essential information you’ll need to consider. 


 

“The advice is that buyers first understand their non-negotiables,” advises Neometro Director, Jeff Provan. As a starting point to any property purchase journey, this pearl is an important anchor. One that, while obvious, often becomes lost in the complexity of the process and the emotional verses pragmatic dialogues which run in tandem.

Under the moniker of ‘due diligence,’ establishing a list of priorities is a cathartic exercise, a way to stay true to the liveability aspirations a buyer holds close while making sure the end game aligns with personal expectations while also matching proposed documentation. This list begins with the macro and moves towards the micro. Considering essentials such as;

Buying Off The Plan

  • Location (not just the ‘where’ but also the ‘why’)
  • Credentials and reputation of the developers realising projects in your preferred location/s
  • Concept and design languages that are out there and which ones you are drawn to
  • Establishing an understanding of the navigation and orientation of an apartment. How it activates the street. How natural light might be filtered in. What the options for furniture layout might be etc.
  •  Delving into the details. From considering and comparing the appliance inclusions and the brand reputation around fixtures and fittings, to noting where power outlets and joinery have been planned
  • Sustainability approach and how this compares to other products. How elements such as glazing, passive design and materiality will create longevity; and finally,
  • Thought for the buildings legacy. How it will age and what this might mean for its continued relevance internally as part of the surrounding community.

Buying an apartment off the plan has many advantages, one major one being the possibility around different product types and how this might support your list of non-negotiable. “Everyone wants 2-bedrooms and 2-bathrooms,” says Jeff “but what they really need to work out is what you will get for your budget and then look back at your non-negotiables from there.” Ultimately, this means that prioritising location over the number of bathrooms might just mean an epiphany on realising that, forgoing that second bathroom means your budget will extend to purchasing in your dream location from a developer with the track record, design aesthetic and sustainability approach you covet. On the flip side, if that second bathroom is the non-negotiable, that will inform a change to the locations being looked at and what developers are present in that market. And so that metaphorical anchor holds strong.

Buying Off The Plan

While the due diligence phase is governed by trust, track record and the proven history of a developer consistently delivering above and beyond expectation, the second phase – when the decision is made and the deposit paid – is all about communication. Maintaining an open dialogue between developer and purchasers is something Neometro integrate throughout the duration of a project. “It is about clarity of information,” says Jeff ” from design drawings, marketing collateral, contracts and informed agents, the clearer the picture you can give to someone, the more confident they feel.” The transparency of a projects development and the accurate articulation of its progress leads to engaged buyers who get to be involved in the exciting development of the future home.

Buying Off The Plan

As projects near completion and the final bank valuations are completed, Neometro encourages buyers to carry out their own inspections to iron out any defects ahead of settlement. And then, with finance approved and the purchase price balance transferred, keys are exchanged and bricks and mortar shift to the definition of ‘home.’

 

Download a PDF copy of Neometro’s Guide to Buying Off The Plan here. 

The guide covers due diligence, buying and settlement, living in an apartment and the financial benefits of buying off the plan. 

 

 

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