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August 20, 2016

3 Things To Consider When Buying a New Home

Buying Off the Plan

Many home buyers now buy off the plan and there are a number of advantages afforded to them by opting to buy new rather than secondhand. 

Nevertheless, home buyers still have to make the right property purchasing decisions, with the following the most important areas of the buying process to focus on.

Get financially ready

The first step for any home buyer is to get ready financially. After all, there is little point in looking for a property to purchase if the home buyer doesn’t have the finances to purchase a new property from Aveling Homes in the first place. There are a number of benefits to getting prepared financially before starting to source a property, including:

-        Homebuyers know their financial position and, therefore, what they can afford to spend
-        They will be fully aware of the lending policies of the bank or lender
-        They are prepared and ready to purchase their dream property when they find it

Knowing one’s borrowing capacity is the first step to purchasing a property to reside in or as an investment.

Research building companies

As there are so many building companies to select from, it’s essential that homebuyers research the companies they consider buying from before they start making enquiries. As with any service provider, some building companies will prove to be a better choice than others. Homebuyers should look into:

-        The track record of the builder, architect and developer
-        Who is actually going to deliver the project, i.e. does the company use subcontractors?
-        The company’s financial status, insurance, building association connections, etc.

There is a lot to take into account here, so home buyers really need to take the time required of them to make an astute choice with regard to the building company they hire.

Enlist a good solicitor

It’s always essential to secure good financial representation when purchasing a property, after all, it’s likely to be the biggest investment of the home buyer’s life, so why leave anything to chance? 

Although purchasing Perth house and land packages is fairly straightforward in a legal sense, it’s still important to have a good solicitor on one’s side, especially when buying off the plan.
Why buy off the plan?

So, what are the advantages to buying a house off the plan? There are more than a few advantages to purchasing property this way, including the following:

-        Stamp duty savings. Homebuyers enjoy stamp duty savings when buying new property
-        Lock in the price. The property value will likely increase over the construction period
-        Tax advantages. Depreciation deductions are just one of the many tax advantages

As homebuyers can see from the points made here, there is quite a lot to take into account and do (particularly where research is concerned), however, there are many excellent advantages to buying a house off the plan. Moreover, all home buyers, and not just property investors, have much to gain, making buying off the plan an excellent property buying option that everyone should take into consideration. 

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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