6 Essential Benefits of Off the Plan Investment Property in Australia
When considering investment property, the issue of buying investment property off the plan arises. The advantages of this type of property investment will depend on the situation of those buying; nonetheless, there are a number of basic advantages in most cases. In Australia, off the plan investment properties are very safe compared to many countries. In Dubai, for example, there are many horror stories of people investing their life savings, only for those company directors to run off with their money, and many buildings left as a concrete shell. The companies went bust, the company directors left the country, and those left behind essentially have no recourse. This article looks at the advantage of buying off the plan for Australia in particular. Each country has a very different set of conditions and laws.
- Price. The launch of a project will mean lower prices so the developers can encourage faster sales when their development starts. Once construction commences and the developers have met their financial needs, prices often increase. Committing earlier means you can get a much better price.
- Price Control. When you commit to buying off the plan, you normally do not have to pay immediately. It is common for settlements to be made up to a year and a half later. This means your price stays the same, no matter what happens in the market. The apartment prices always increase with off the plan purchasing. Getting in early means you have more time to settle your agreement.
- Time. Related to the issue of price control, after committing to your purchase, you have time to prepare and improve your financial situation before that money is paid. In most cases, you don’t have to pay the full amount until the construction is complete. Compare this with paying and having a home built, and the waiting involved, and that time is all that more important.
- Tax. As with all property purchases, there are considerable tax benefits and particularly to the reduction of taxes you would be paying otherwise. A newer apartment has more of these tax benefits because there is more to be gained from tax depreciation benefits. Simply put, buying off the plan allows for much greater tax benefits than when compared with other property purchases.
- Stamp Duty. Stamp duty is one of those beautiful taxes our governments invented to take money off us for no reason at all. We pay tax on something because we are paying for it. Depending on the state in Australia, there are substantial reductions of normal stamp duty fees and charges with investment property off the plan. It is important to research these, or have your property investment professional give you the current state of affairs. Everything is always changing – just another reasons to have a good consultant, or be prepared to do a lot of your own research.
- Demonstration of a Network. To be involved in property investment at any level, a professional in the business will have countless relationships with many other people, professionals, institutions and partners. They will have access to reliable and credible information from many partners, such as, developers, architects, government officials and bodies, banks, lawyers and the list just goes on. If you are looking a potential property investment company, look at their partners, associates and network. It will give you a lot of insight to them and how good they are at it.
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