'Off-the-plan' refers to buying a property, whether a house, townhouse, or apartment—before it’s built or during construction, based on project plans and marketing material.

key benefits OF “off-the-plan”

1. Financial Flexibility: You can enter the market sooner with a modest 5% to 10% initial deposit and an extended settlement period. This allows ample time to increase savings for settlement.

2. More Choices: Off-the-plan purchases provide a diverse array of property options, including customizable layouts, orientations, and finishes, allowing you to tailor your future home or investment to your specific preferences.

3. Tenant Appeal: New constructions come with modern designs and aesthetics, making them more appealing, and leading to higher rental yields.

4. Higher Tax Benefits: Brand-new properties offer higher tax depreciation, resulting in increased tax refunds and better cash flow for investors.

5. Access To Government Incentives: Most government incentives are tailored for buyers of new properties, making off-the-plan purchases especially attractive.

NAVIGATING KEY CONSIDERATIONS

1. Dynamic Factors: Both property market and personal circumstances are dynamic and subject to change. Fluctuations in market conditions or shifts in personal situations can affect your property journey.

Proactive planning and preparation are crucial for effectively navigating these potential changes.

2. Construction Timelines: Construction timelines are inherently variable, with potential delays arising from council approvals, other authorities' approvals or other construction challenges. It is always best to consider incorporating a buffer period into your timelines to mitigate some of these delays.

3. Render To Reality: Acquiring a property based on plans and artistic impressions involves envisioning the future. However, the outcomes may differ from your expectations.

To navigate this, the key steps involve asking upfront questions and seeking clarity on the layout, fixtures and fittings.

Team SONI can Help

At SONI Wealth, we specialise in brand-new and off-the-plan properties, consistently delivering successful outcomes for our clients through strategic investment in this property category.

We can help you navigate all the key considerations, allowing you to make your investment decisions with confidence.