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Melbourne is rapidly changing. High rise towers are being built along its surrounds through many offshore investors. Many people say that the appeal of these buildings is not expected to last due to its high concentration in the city’s suburbs.
On the other hand, boutique projects are likely to continue gaining momentum and retain their high value. The fact that they are smaller and have excellent location that’s accessible to parkland and transportation makes property seekers and occupiers more inclined to buy them.
Their uniqueness and considerably smaller size make boutique projects more attractive and more valuable for buyers who wish to make long-term investments.
The only problem many individuals have is the risk that comes with making off the plan purchases. Here are some tips for a successful off plan purchase.
- Manage debt levels
Find out what your borrowing capacity is and how much you are comfortable with and capable of repaying.
- Think Location, location, location
Do your research and look for boutique projects that are accessible and strategically-located for easy access to shopping centres, restaurants, markets, educational institutions, and most importantly, public transport.
Likewise, it is vital to know what the size of the development is for you to be able to visualise yourself living there, and for you to have time to consider whether you are comfortable with the number or not.
- Do some digging
Find out as much as you can about the developer/s of the project and check their track record in the industry. If the builders are a separate company, check them out too to learn more about their past projects.
- Get qualified assistance
Go for an experienced conveyancer proficient in off plan purchasing.
- Check the specs
Make an assessment of the fit and specifications of the project. It will enable you to see any shortcuts the developers/builders may be making in the design and construction phase. It is also an excellent way for you to check the quality of work being done on the place.
At the same time, watch out for extra facilities that are likely to cost you more on maintenance fees in the long run.
- Ask about parking space
Ask whether parking space is included and where it is located. If it’s not available, find out whether parking is allowed along the neighbouring streets.
- Read the contract
Request for a copy of the contract of sale and read it from top to bottom. You need to be informed about warranties (or the lack thereof) as well as estimated corporate charges.
Carefully examining your options, paying attention to detail, and getting the assistance of a reliable Victoria Property Broker, will help you tremendously in your decision-making process. It also helps to know what you can expect should you decide to push through with the purchase. The more you know about what you’re getting into, the fewer regrets you will have in the future.