Q & A Buying off the Plan

By 28/08/2020Buying Tips
q and a

Buying Off the Plan

QUESTION

We recently attended a free seminar and are now considering purchasing an apartment “off the plan” as recommended by their financial adviser. What are your thoughts?

ANSWER

You have provided me with fairly limited information so I can only give you general advice.

Firstly, don’t sign a contract until you have consulted with you own (not theirs) financial advisers and legal adviser. You should also have a totally independent registered valuation done on the property. The money spent could save you tens of thousands of dollars and anguish. It is easy to get caught up with the hype of a seminar and later regret your spontaneous actions.

Be aware of the actual size, is a car parking space included, common areas, body corporate fees. Systematically check paint finishes, colours, quality of tiling, tapware, appliances, light fittings, carpeting, and so forth. Is there cabling to the apartment? Wall thicknesses have been major issues in some apartments. Do you really want to hear the conversation on each side of you and above and below you?

Again seek independent advice, thoroughly read the contract, and have it read by a legal professional.

 

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Paul Basso

Author Paul Basso

Established in 2000, First National Basso is a business based on transparency, honesty, personal service and trust. With a commitment to innovation, First National Basso has continually evolved and grown to become one of the longest running and most trusted real estate teams on the Mornington Peninsula.

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