There is a growing demand among empty nesters or those who just want a change in scenery to consider purchasing an off the plan apartment for the later years of their life.
This option can be a fantastic way to get the lifestyle they want without having to sacrifice comfort, style or location. Using equity in an existing home to purchase an off the plan property can also be a practical way to get the retirement lifestyle you’re after when looking at how to buy an investment property.
Benefits To An Off The Plan Property
For empty nesters there are many reasons you should consider looking at off the plan options when you’re wondering how to buy an investment property. This is because:
- There are generous savings on stamp or transfer duties on the sale, although these do vary from state to state.
- You only require a minimal “holding” deposit when the property project is first released to the public. Settlement for the rest of the money may not occur for several years, in which case you can use the time to organise your finances.
- By putting down a deposit, you are really buying a stake in the future and locking in today’s price, and while your apartment is being built the property could increase in value over time.
- Once it has been completed, the property will be brand new. This brings a number of advantages including the fact that it will be easy to find high quality tenants and maintenance and repair costs are likely to remain minimal for the foreseeable future.
- Location – many off the plan developments are located in prestigious and highly sort after areas. They are generally close to the CBD and close to vibrant shopping and entertainment hubs such as Melbourne’s Docklands or Brisbane’s Southbank.
The other major advantage of an off the plan property today is that you can choose developments that are well designed and well constructed. This means that if you do plan to move into the apartment in retirement, or when you have had enough of looking after a large empty house, you can be sure that you’re moving into something luxurious and stylish.
Many off the plan developments also now have features such as music rooms, libraries, wine cellars and gyms – all fantastic amenities for attracting tenants but equally good if you were planning to move into the property in a few years’ time.
If you are looking at how to buy an investment property and think an off the plan property might be right for you, consider contacting a professional property investment company like Ironfish. They can offer you assistance with creating a customised investment plan that suits your personal circumstances and your time frames. They also hold regular investment seminars in all the major capital cities so you can learn about the property market, find out about trends and major investment opportunities.