Thinking about buying off the plan? Tschirpig Conveyancing is here to help as leading conveyancers in Darwin. We offer professional conveyancing solutions to make your off-the-plan purchase as smooth as possible. Learn more about buying a property based on development designs before it’s built.
The Basics of Off-The-Plan Property
Let’s start with the concept of off-the-plan homes, which involve buying a property pre-building or while under construction. Apartments and townhouses are the most common type of off-the-plan purchases, although single-family homes and commercial properties may also be purchased this way. Typically, buyers pay a deposit and sign a contract for the chosen development to get the first pick when construction finishes. Reduced prices, increased capital growth and brand-new building amenities are some of the attractive benefits of buying off the plan.
Considerations for Buying Off The Plan
Our experts in NT conveyancing recommend weighing up the advantages and potential risks of buying off the plan to make an informed decision. For example, you may be eligible for stamp duty benefits as the amount is calculated on the property value on the contract date, not the completion of construction. You can also have input on the property design and interior finishes, helping to ensure satisfaction and avoid repainting/renovating which is more common with existing properties. Depending on how long you keep the property, you may make a profit if market prices rise, although there are stamp duty implications for the on-sale of off-the-plan units.
As the top choice for territory conveyancing in Darwin, we are familiar with other risks of buying off the plan, such as changes to the building process or construction delays. The fluctuating NT property market may also have an impact on your investment, although that’s not to say it won’t be worthwhile. It’s important to carefully evaluate the pros and cons of an off-the-plan opportunity, and our conveyancers can help you do so by reviewing the contract and navigating the legal jargon you may be unfamiliar with.
Explore Off-the-Plan Purchases With Conveyancers in Darwin
Got more questions about off-the-plan properties and Darwin conveyancing costs? Tschirpig Conveyancing has over 30 years of industry experience and can help you make sense of the Top End market. Call 08 8995 4900 or get in touch online for professional conveyancing in Darwin.
