Buying off the plan may be cheaper, but it comes with its fair share of downsides.
Veronica Morgan airs every Wednesday at 10:00 am UTC +11, LIVE on Facebook, Twitter and YouTube.
Off-plan property may be cheaper because you’re buying a property before it has even been constructed, but there are three major risks you need to be aware of before taking advantage of the lower selling price.
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You can’t settle - when you first sign a contract, you may not have a problem with securing finance, but things can change. Legislation, for example, can become tighter on lending.
Poor build quality - A new building has no history on which you can base your decisions. In fact, a lot of new buildings have major problems, costing both builders and owners a lot of money.
You will lose money - You pay premium when you buy brand new, so it can take a good number of years before the property is worth what you paid for it.
Watch the complete interview above for more of Veronica Morgan’s insights on buying off the plan.