First Home Buyers Guide - Part 2: Finding your Dream Off-the-Plan Home

For first-time home buyers, the process of purchasing property can be overwhelming. Coposit makes it easy for you to enter the property market and get your foot in the door. Read our guides for first-time home buyers here! The first step of the process is researching and preparing to buy your first home. Then, you move on to finding your first property.

Figure Out Your Priorities & Non-Negotiables

When buying an off-the-plan property, it is always a good idea to review the contract of sale with a solicitor to carefully make sure you know exactly what you are buying. The things you should initially consider include:

• The floor plan of the property
• The size of the property
• The size and layout of the rooms
• What floor the property is on (some states have tax rules about properties located at a certain height)
• The options you will have in terms of colours and stylings
• Whether or not you can visit the build site whilst the property is being constructed
• The date the property is required to have completed construction

Reviewing the Floor Plan Successfully

Buying an off-the-plan property means that you will need to rely on the developer and floor plans to make your decision. Detailed floor plans will help you envision your future space and should give an accurate representation of the size, layout and general feel of the property.

Finding a property developer with a trusted record is key. The measurements for a detailed floor plan should accurately include:

• All rooms
• Balconies
• Outdoor spaces
• Car spaces
• Storage spaces

When buying a first home, it’s best practice to find a reliable floor plan that best suits your and your family’s lifestyle, for now and in the future.

Owning pets

Not every newly constructed building will allow first-time homeowners to bring their furry friends with them. It's important to consider this when buying an off-the-plan property and whether it is part of the contract.

Be sure to go over the contract in detail, and consult legal aid if you are unsure. If you want to bring your pets and the property developer says no, speak to your realtor or property manager. There is always a chance that an agreement can be made.

Talking To Real Estate Agents & Brokers

If you’re browsing off-the-plan properties (for both residing or investment purposes), its location will definitely affect the price. You should research the local real estate market condition and record the property price in the neighbourhood. This can be done by speaking to a local real estate agent.

You can also speak to a real estate agent or broker about making an expression of interest payment. This lets the developer know you are interested in purchasing a property, but you are under no obligation to buy the property yet.

Exploring the Neighbourhood

If you have already put down an expression of interest or you just want to check out the neighbourhood before you do, talking to the local residents is a great idea.

Building an off-the-plan property is a multi-staged development that takes time, so it isn’t a bad idea to go for a walk around the area every once in a while to check out what your neighbourhood would be like and if it suits your lifestyle.

If you happen to bump into any residents, why not ask them how they enjoy living there? Talk to them and see what they have to say about the building and area.

Understanding Property Valuations

A valuation will take into account a number of factors to determine the final price of the property, for purchasing or selling purposes.

• The location of the property
• Property’s type
• Size
• Condition
• Facilities
• Local council zoning
• Land tax valuations

When buying off-the-plan property, you should always consider the impact of any future developments in the area. Is it located in an up-and-coming suburb with stable housing prices? What kind of infrastructure will be coming to the area?

All these can affect the overall value of your new property, and if you’ve done it right, you’ll have a home that will one day be worth more than you paid for it. Now it's time to pick your dream off-the-plan property. Once you’ve picked your dream home, it’s time to move to the next steps and actually start with the process of buying your first home.

For all things about finding off-the-plan properties, contact us at Coposit to start your home ownership journey. Check out our blogs to find more information on buying off-the-plan properties.