Are you considering buying new or off-plan? This episode is your ultimate guide to managing the risks.

First home buyers face numerous decisions, and one of the most critical is choosing between new or established properties. Today, we dive deep into the good, the bad, and the ugly with our special guest, Cate Bakos, who has written the ultimate guide to the risks of buying brand new or off-plan properties.

Cate helps us understand the complexities of buying new or off-the-plan properties and talks about the importance of understanding terms like "sunset clauses", understanding the differences between titled and untitled properties, and many more.

So whether you're enticed by the sleek marketing of new developments or the potential savings in stamp duty, it's essential to be aware of the hidden risks and ensure you're making the best choice for your financial future. Tune in and let’s get started!

Episode Highlights:

00:00 - Introduction

02:11 - Meighan’s special house of the week

03:25 - Who is Cate Bakos?

05:36 - Understanding Off-Plan

09:49 - Risks and uncertainties associated with buying property off-the-plan

13:01 - Reasons why first home buyers choose to buy off-the-plan

17:22 - The risks of underperformance for properties off-the-plan

19:01 - What first home buyers should know about the costs of off-the-plan properties?

23:36 - Deceptive practices in off-the-plan sales of apartments and large subdivisions

29:11 - What issues might buyers face with variations in off-the-plan property contracts?

35:06 - Key factors to consider when researching developers for off-the-plan purchases

40:11 - There’s no negotiation on off-the-plan properties

43:07 - Additional reasons why off-the-plan properties are not the best choice

46:57 - A few advantages of buying off-the-plan

49:38 - What Cate Bakos wishes she knew as a first home buyer

About Our Guest:

Cate Bakos, with a Chemistry degree from Monash University, transitioned from a successful career in sales and marketing with Orica to becoming an award-winning real estate professional. After purchasing her first property at 21, she moved into Melbourne’s Bayside property market, later founding Cate Bakos Property in 2014. Cate has guided over 2,000 clients through property purchases and strategies, leveraging her expertise in lending policy and cashflow analysis. A regular media commentator, Cate co-hosts “The Property Trio” podcast and authored “Successful Property Investment.” She served as REBAA President from 2019 to 2023 and continues to mentor young industry professionals.

Connect with Cate Bakos:

• Website https://www.catebakos.com.au/
• LinkedIn https://www.linkedin.com/in/catherinebakos/
• Instagram https://www.instagram.com/cate_bakos_property/

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast [email protected]
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

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