Metro Melbourne surpasses $1m mark for the first time
While it has lagged behind other capital cities in post-pandemic recovery, Melbourne has now cemented its resilience, re...
If you’re looking to invest into something off-the-plan, typically the best apartments are in the first offering. Here’s how to go about locking the dream down and how you can avoid “the worst mistake”.
Buying off the plan can be a risky affair, but the payoff could be worth it, especially if it is right next to a capital city’s CBD, where there will always be demand.
Going for apartments in the first offering are generally the ones that are worth fighting for, but how do you secure these premium offers?
Leonard Teplin, director of Marshall White Projects said that investors should be focusing on knowing what they want, being proactive, keeping up a relationship with an agent, and to prepare finances in order to lock down their ideal property purchase.
Here are Mr Teplin’s tips for getting the off-the-plan apartment purchase that you want:
Even before you begin looking, Mr Teplin said investors should have an idea of what they want, which involves knowing what your budget is, where you want to buy, and what amenities you want to have near the property.
“Once you have a general idea of your location and price range, make a list of features that are ‘non-negotiables’ and another list of ‘nice to haves’. These could include anything from your orientation to the sun, city views, large outdoor space, a second car space [and] abundant closet space,” Mr Teplin said.
“Having these lists will narrow your search field and allow you to compare residences based on how many of your boxes they tick; as a guide, seven out of ten means it’s worth further consideration.”
Keeping up on your property hunting game is vital, so passively waiting for new listings to show up online will not cut it. Mr Teplin suggests to find yourself with an agent’s database.
“Off-the-plan purchasers need to be savvy and proactive. The best way to do this is to be on a real estate agency database so you can be alerted when projects become available prior to their public launch,” he said.
Investors need to have a “my agent mentality”, according to Mr Teplin, to help hunt down the right property.
“An agent will have background knowledge of what you’re looking for, so they can do a lot of the field work for you and narrow down the options before they present you with potential residences,” he said.
“Buyers with a dedicated agent are often the first to know of new projects and can secure an early position prior to a project’s launch.”
After finding the location of your dreams, Mr Teplin said not having your finance in check is the worst mistake an investor could make, as it means someone else could snatch that apartment from you at the least second.
“Before you even start looking, make sure you know how much lending you’re eligible for from your bank, have your deposit in an easily accessible place and have all supporting documentation ready to submit as quickly and easily as possible,” Mr Teplin said.