Off The Plan, Not Underhand: Legal Apartment Purchase

There are many different ways to purchase a property in contemporary society, although three main ways are suggested as the most common. These include someone having the opportunity to purchase a block of land and then hire a team to build a dream home;  or someone deciding to buy a house or unit outright or someone deciding to rent either a house or a unit. There is a fourth way to go about purchasing, although it has its own downfalls. Specifically speaking of units, there has been a slight uprise in the way individuals have decided to purchase them, attempting to get some benefits that could not otherwise be available.

Today, more and more people are deciding to purchase apartments in Wollongong. While this seems complicated and frightening, it is a simple concept. All this means is an individual or group has decided to purchase a property that has yet to be built. It is all legal and does involve contract work. People have the option to deposit money and sign a contract upon seeing a plan/design of a future property. The location and area is known before individuals sign the contract.

The act of purchasing something via this means has its benefits and downfalls, like most things in life. A key reason that someone may decide to buy property via this means is that it is cheaper. By paying before the unit is built, owners are able to avoid paying the market value which may increase over the years while the property is being built.  However, it should be noted that things could go backwards. Although most properties increase their market value over the years, there is always the chance that the property one purchases could decrease meaning that one may end up paying more for their property than what its worth.

Conversely, seeing a property be built that is entirely yours to own also means that the owner has the opportunity to voice opinions on the interior design, including paint/wallpaper and floor plans which means the property could end up with a nice personal touch. The downside of this is that you do have to wait a number of years until the property is complete. And there is always the fact that the property may never be complete. The fact is that developers may go bankrupt before the property is able to be complete, leaving people with no property and no money or a difficult case on their hands.

Much like other routes of buying from new apartments for sale, this too comes with its own benefits and downfalls. Before purchasing and agreeing to anything, one should always have a careful slow read over the contract before signing it. It is crucial in ensuring that one gets the best deal for themselves. It may even be worth going over the contract with a professional who can advise you of the realistic expectations in one’s specific case.