Jun 282016
 

ApartmentFinding a new place can be quite difficult. You go through the complex process of selection and expectation setting which are both stressful. Among many other tasks, finding a new place requires several visits to realty offices and to several property sites. While at first, the idea seems to be enjoyable. In the long run, however, it can be physically, mentally, and emotionally exhausting.

I went through all the troubles of property hunting back when I badly needed a new apartment in Melbourne. I’m happy to say I’ve surpassed all those decision-making challenges. Thus, when a friend of mine came to me one day and asked for advice, I readily jumped in to help. One great way that saved me time and effort is to go for off the plan apartments. This, I told my friend. Off-plan properties are basically those properties which are yet to be constructed but are already available for sale. I just figure that the key to finding a good apartment is to buy ahead while it’s less expensive. You can choose the location of your unit conveniently. I specifically advised this particular friend to visit off the plan apartments in Melbourne page by Chilli Realty. Why Chilli Realty? It’s because it is a trusted partner to your property needs.

Yes, trust is an important foundation between a client and a realty. This especially holds true for off-plan properties. Reason why, I recommended my friend to Chilli Realty. Not only do they have a wide range of off the plan apartments in Melbourne, their customer service is also incomparable. Tips buying apartment off the plan include choosing the right realty. The rest are as follows:

Check on the developer. The realty or the agency is one consideration, and the developer is another. Normally, land developers partner with agencies to maximize the selling potential of the properties. I told my friend that if you’ve zeroed in on an apartment already, the next best step is to research all about the developer.

The developer plays a critical role here since they’re basically the ones responsible to materialize the construction plan. There are developers who aren’t good with the financial side of business that they end up delaying the construction or purchasing low quality material for the construction. The designs may not be as good as they look in pictures.

My friend went a little nuts when I explained the risks of buying off the plan apartments. But I later on explained that with Chilli Realty, these incidents are less likely to happen. The agency itself is critical as to which developer they’d like to associate with.

I went on providing tips like doing an online research about the developer and reading reviews. You can also check on the credentials like licenses of the developers and their environmental compliance.

Second consideration when buying off the plan apartments is to secure the contract to sell, leasing agreement, or whatever document that binds you to the agency, much more to the developer. You also need to keep the receipts of your deposit and installments. If the worst of things happen, you at least have tangible proofs for legal remedies.

But then again, none of the tragic circumstances will happen if you stick to the number rule which is to find a credible developer. Go for the big ones, those who have track record in putting up residential flats, city apartments, suburban communities, and many other establishments.

Third and last tip is to personally gauge your budget. Sure, you have preferences for the location and the design, but more importantly, you have to map out a financial plan. Start with identifying how much is the required deposit. From there, you ask for the monthly or weekly payments and the tax inclusions. A good 1-year to 2-year financial plan will be a solid foundation already.

In my case, I did not go through periods of insufficient funds because I calculated everything with at least 1 to 2 percent margin of difference. Loans are tempting, but unless you badly need to, I suggest you don’t. The amount of money you pay for the interest can already be spent on your other investments. Off the plan apartments, after all, are priced lower than the already built ones because of the risks involved.

My friend gladly and willingly listened to all my tips. Everything just worked out fine then. If there’s one tiny problem my friend had to face, it’s the fact that he can hardly just choose one property. There’s just too many off the plan apartments that attract him. Chilli Realty keeps a wide selection of beautiful properties, really.

It’s also possible to buy off the plan apartments and later sell them for a marked up price. Some wise buyers are doing this strategy to earn income. Again, I suggest you follow my second tip which is to secure the papers. By the time you found a buyer or a lessor, there would be a smooth transition.

Overall, I say, it’s perfectly normal to have reservations. But I tell you, buying off the plan apartments has long been an ongoing trend in Europe and it’s starting to prosper here in Melbourne. Once you’ve chosen a good realty and developer, it’ll be the best apartment you can ever have.

Help a friend as well. Share the tips above for buying off the plan apartments.