20th September 2021
10 BENEFITS OF BUYING OFF THE PLAN
If you’re looking to buy a property, but are torn between buying a new property off the plan, or a slightly older property, make sure you read our latest article that provides 10 key benefits as to why buying off the plan can be more beneficial in the short and longer term.
1) Stamp Duty Savings
Stamp Duty benefits are available to some buyers. This can save you thousands of dollars on your purchase. Ask your iBuyNew Property Consultant to tell you about the existing Stamp Duty Benefits that might apply to your purchase of an off the plan apartment.
2) First Pick – Greater Choice
When buying off the plan, you get to pick your apartment first. This means you get the chance to pick the best apartments. If you wait until construction has finished, only the leftovers will be available and in most cases these are the ones nobody wants.
While settlement can be up to 2 years away this is positive as it gives you time to save for a larger deposit. If the property market grows in value, then you have also made some good equity growth.
4) Financial Benefits
Some states have put in place special incentives for First Home Buyers and Investors to take advantage of when buying off the plan. They are encouraging the purchase of off the plan property and by doing so, you can save thousands of dollars. Ask an iBuyNew Property Consultant about what Financial Benefits you can attain when buying in your home state.
5) Deposit Options
While most people pay cash to secure their deposit, there are other more flexible options that you can consider. These include using a Bank Guarantee and a Deposit Bond.
It’s always best to check with your Property Consultant what method of payments the developer is happy to accept on exchange.
6) Lock in a Price
When you buy off the plan, you lock in your price and if the property market grows in value, and your property goes up in value, you don’t have to pay any more. We have many clients that pay X and by the time they settle, their property has gone up between $40,000 and $100,000! This is very powerful as this capital growth allows you to buy another property and continue to build your property portfolio.
7) Tax Advantages
Being a new property, you can claim Depreciation which is a major tax incentive which is popular for investors. This helps reduce the ongoing costs of holding the property and allows you to build a larger portfolio.
8) Colour Choices
Occasionally you will have a developer that offers you 2 finishes options for your apartment. You may get to choose between a light and dark colour scheme. Depending on your preference, if you buy early enough you may get that choice.
9) Deposit Held in Trust
When buying off the plan, your cash deposit is held in trust. Usually this money is invested on the buyers behalf while you wait for the construction to complete. This could mean a few thousand dollars of interest which is a nice little bonus at the end of construction.
10) It’s New!
Everyone loves NEW! As a first home buyer you’ll love moving into something brand new while for investors, you will maximise your rental return as an incoming tenant will pay more to live in a new apartment.
12th October 2020
DEMAND FOR VACANT LAND ON THE RISE IN WOLLONGONG
Reference - Brendan Crabb, Illawarra Mercury
There has been an increased demand for vacant land within the Illawarra during recent months, one expert says.This includes the demand for vacant land.
"Developers' agents in the larger land release subdivisions in West Dapto and Calderwood are reporting stronger inquiry and a higher level of sales, although competition between estates means some are still offering incentives to entice prospective purchasers," Mr McKenna said.
Prices of resales in Calderwood since August have ranged from $260,000 for a 408sqm corner lot with a split-level elevation to $450,000 for a 740sqm near level corner lot designated by the developer as a duplex lot.
Meanwhile, out at West Dapto, resales have ranged from $357,500 for a 460sqm inside lot situated close to power lines to $435,000 for a 465sqm, gently sloping inside lot opposite Wongawilli ponds.
* Read the full story: Illawarra Mercury
18th September 2020
A FIRST HOME BUYERS GUIDE TO THE ROLE OF MORTGAGE BROKER
As Ruth Lewis reports for the Illawarra Mercury, more and more people are looking to mortgage brokers for home loans and advice. Follow the link to read the full story on whether a mortgage broker may be for you.
Read more: Illawarra Mercury
27th July 2020
HELP FOR FIRST HOME BUYERS
The NSW Government will temporarily waive Stamp Duty on new homes under $800,000 for first home buyers. This, they hope, will be a boost for the construction industry and help to boost jobs.
Below is a link to the Domain and NSW Government websites for further information.
NSW Government Website: https://www.nsw.gov.au/projects/a-fair-go-for-first-home-buyers