More and more people are starting to buy off the plan, and for good reason! There are so many benefits for off the plan houses, not to mention they’re a fantastic way for first home buyers to get their foot in the door (literally!)
What does it mean to buy off the plan?
An off the plan house is one that hasn’t been built yet. It’s a simplified process, and purchasers of these kinds of properties will sign a contract and put down a small deposit, with no further additional payments required until the home is fully complete!
To assist with the buying off the plan process, a wide range of information such as floorplans, artistic renders, sample colour boards, virtual tours and sometimes even display suites are available pre-purchase to help customers get a feel for exactly what the home will look like once completed.
Perhaps one of the biggest financial decisions of a person’s lifetime, it’s important to ensure that a new home purchase ticks all your boxes. Keep reading for our top reasons to buy off the plan.
1. The easiest way to build a new home
One of the main reasons people choose established housing over a new build is due to concerns around finance. Typically, a new home build will have a separate land and house contract, meaning lenders will need to agree to finance both of these costs — a factor that can scare first timers!
A hot point for investors and first home buyers, Porter Davis’ unique 5/95 contract structure works to mitigate any potential risks — helping you obtain the necessary finance in a simple manner. By combining both the land and home build costs, it means you’re not required to make repayments throughout the build as you would on a traditional construction loan. You simply pay 5% of the total package price upfront and the remaining 95% on completion. It’s that simple!
When it comes to interior selections in our off the plan houses, our award-winning design team have taken care of everything! Every fixture and fitting has been carefully selected to match an overarching World of Style theme and everything you need to move in has already been thought of!
2. You can take advantage of huge savings
A popular choice with both first home buyers and investors, an off the plan property can provide you with huge savings that you may not get with an established home.
With the purchase of an off the plan house, first home buyers can be eligible for the following:
- Federal Government’s HomeBuilders Grant;
- State Government FHB Grant; and
- State Government Stamp Duty Savings
For those looking to invest in something hassle-free and straight-forward, a brand new off the plan build addresses these common pain points while offering great depreciation benefits and opportunities for capital growth. Plus, the 5% deposit structure allows investors to avoid any loan repayments or bank fees until they can secure tenants. A win-win if you ask us!
3. More inexpensive to own
While there are many benefits to established housing, nothing is going to be more energy efficient and cost you less in maintenance and upkeep than a brand new home.
In our off the plan homes everything is new. That means no weekends spent stripping old wallpaper, or calls from tenants in the middle of winter about broken heating! Not only is your home in better shape when it comes to repairs, but it will be more energy efficient too (in line with requirements of the National Construction Code for new homes). All of which will help save money on power bills!
4. Extra time to keep saving
Since you’re buying off the plan you’ll need to factor in time for construction, which means more time to save! This is particularly handy for any first home buyers looking to strike before the market climbs, but need a little bit more time to secure their finance.
Anyone interested in the buying off the plan process with Porter Davis can sleep easy knowing that beyond the deposit amount they are required to make $0 in repayments until their new home is ready to move into.
5. Everything you need to move in is included
When you buy off the plan with Porter Davis you buy turnkey. What does this mean? Everything you need to rent the home or move in comfortably from day one is taken care of. Things that sometimes form part of an additional cost on a traditional build — such as a driveway, fencing and even flooring — is included in the package price. This means come settlement time you can simply turn the key and move in. Hence the name ‘turnkey’!
If you think an off the plan home is for you, you’ll be thrilled to know we have 90 new homes currently under construction in selected estates across Victoria and Queensland. What does this mean? Simply lay down your 5% deposit on a brand new Porter Davis home and relax knowing all you have to do is move in when it’s completed.
There’s no progress payments required, and you could be moving into your new home as soon as early 2021!
If you’ve ever wanted to live or invest in a brand new four bedroom home with interior style and colour themes selected by a professional interior designer, then Porter Davis Real Estate is what you’ve been looking for.