June 01, 2023

🧠 Off The Plan Deep Dive - positives, negatives & risks you NEED to consider

40 minutes

Off the plan buying. With new developments springing up across cities in Australia, and government subsidies for new builds, it's hard not to be intrigued by the increasing home options available to buyers. On the flip side, we are hearing the headlines of builders going bust, apartment defects, and depreciating assets. Mortgage Broker Chris Bates and Buyers Agent Amy Lunardi take a deep dive into the positives, negatives, and risks to consider if you are looking at purchasing off the plan.

There can be many benefits off the plan buying can bring, whether it be enabling a buyer to get into the property market or get into a specific suburb, however, it is important to understand the risks that are associated with this type of property. Amy and Chris share some of their personal stories from their experiences and discuss how you can protect and educate yourself.

On this episode of the Australian Property Podcast, we cover:

What is off the plan? What are the common types?

What are the benefits of buying off the plan?

Greater Choice

Small deposits

Positive buying experience

What are the risks and considerations when buying?

Builder risk - builders going bust, building defects

Liabilities - legal implications of walking away from contracts

Market shifts - locking in a price for the value to be lower

Asset performance

Lack of scarcity - risks when leasing or reselling a property

Lending & postcode risk

Sunset clauses

What you can do to protect and educate yourself

Australian Property Podcast resources:

Australian Property Podcast online - videos, notes & resources

Ask a question

Chris' mortgage broking

Amy's new property course

Amy's 100-point checklist (PDF)

Pete Wargent's property coaching

Join Owen's Rask Core membership for $0.99

INFORMATION WARNING!

This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.

Full individual disclosures for each guest are available via the show notes page. Owen and The Rask Group Pty Ltd do NOT receive anything for mentioning Super funds, products, shares, bank accounts, etc.

Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsg

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