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WHAT DOES BUYING OFF THE PLAN MEAN?
Buying off the plan means you are buying a property that only exists on a plan. As in, you cannot go and visit the property because it has not been built yet.
WHAT ARE THE BENEFITS OF BUYING OFF THE PLAN?
There are lots of benefits when buying off the plan. The only upfront cash you need is the deposit, the rest is payable upon completion. This means you get to hold on to your money for longer, as the construction period can be about 12 months. This also means you are not paying a mortgage until you actually own the property. You can also maximise your tax advantages when buying a new property.
WHAT GRANTS AM I ELIGIBLE FOR?
Government grants vary depending on who you are and what your situation is. You will need to visit https://www.revenuesa.sa.gov.au/grants-and-concessions to find out more or talk to your broker.
WHAT ARE THE RISKS OF BUYING OFF THE PLAN?
Like anything, buying a property can come with a number of risks. The main risks to consider are that the project may not proceed or be delayed. Check your contract, but generally there is not a lot of risk for you if the project does not proceed but you may need to consider your circumstances if the project is delayed. Other risks to consider is that the finished dwelling may not be exactly how you pictured, because you cannot physically see the property inside until you own it but you can be rest assured the quality of buying a property at Third Avenue will be delivered through the use of one of Adelaide’s leading builders, as well as a team of extremely experienced consultants.
HOW DO I MINIMISE THE RISK OF BUYING OFF THE PLAN?
Do your research – talk to your financial advisor, a reputable building consultant, directly with your accountant or solicitor. Most risks can be mitigated via the contract.
WHAT IS A SUNSET CLAUSE?
Contracts for off-the-plan purchases are generally based upon proposed dates because there are a number of moving parts to bring the development together. The Sunset Date is a date that is well into the future, as most developments are completed way before this date occurs, but it acts as a safe-guard in the contract for both the purchaser as well as the developer.
CAN I MOVE IN BEFORE SETTLEMENT?
No you cannot. You can only move in once settlement has occurred and you own the property.
CAN THINGS BE CHANGED WITHOUT MY PERMISSION?
Your new home will be built to the specifications that are detailed in your contract.
CAN I CANCEL THE CONTRACT?
During the cooling off period, yes you can. The cooling off period is 2 clear business days from when you receive all executed documents (the Contract and the Form 1). Once this period has expired, you are bound by the terms of the contract.
CAN VARIATIONS BE MADE AFTER THE CONTRACT IS SIGNED?
Variations are not generally allowed however if you wish to make a change, there will be an opportunity to do so. Minor changes can be accommodated with additional costs, applicable as appropriate.
DO I SPEAK TO THE REAL ESTATE AGENT OR THE BUILDER IF I HAVE ANY QUESTIONS?
You should go directly to the real estate agent to help answer your queries. If your question is something the agent cannot answer, they will be the best person to direct you to someone who can.
WHAT DOES PRACTICAL COMPLETION MEAN?
Practical Completion is a term used in building and generally means all the building work is complete and the property is ready for someone to live in.