If you’re investing in property, there are a number of benefits of buying off the plan.
First, you’ll secure the property for today’s price, but you won’t have to settle straight away. And by the time the property is completed, its value might have increased – although on the flipside you have to take on the risk of prices falling.
As with all investment properties, there are tax benefits involved. These are even more significant for new properties, including off the plan, as there are more tax depreciation benefits available to you.
And of course, newer buildings come with fewer issues. Your property and its fixtures and fittings are less likely to need maintenance, meaning reduced cost and hassle for you. There are also lower vacancy rates in new buildings, because living in a brand new home is highly desirable for tenants.
There’s an element of trust you can place in a respected property developer as well. If you’re looking at properties interstate, you might not be able to personally inspect each investment. Even if you’re looking locally, buying from a trusted developer can give you assurance that the property you’re buying is well constructed, as well as providing statutory protections.