Tips for buying an off-the-plan apartment
Buying an off-the-plan apartment can seem daunting or confusing if you’re not sure how to prepare for the process. There’s so much to learn about property development, so much to research about the building process, and so much jargon to get your head around.
As a developer that sells apartments off the plans, we know of a few tips that buyers can follow to feel confident.
Here are three tips to follow when you’re starting your off-the-plan property journey.
Get to know the developer
Do some online research into the company. Peruse their website and social media platforms to find the answers to questions like where they have built before, what their track record is for completing projects, who the decision-makers are for the project (such as the development team, architects and interior designers) and who the construction team is.
Once you get a feel for the developers and the project, set a time to meet the sales team to learn more about the development.
Study the materials the developer has
When you meet the sales team, make sure to ask for informational materials that you can take home to review.
Collect brochures that have the details on the floor plans of the type of unit you want; the specs, fixtures and features of both the building and the interiors of the apartments; and the costs or fees that come with owning an apartment such as the body corporate fees, council rates, and property management fees.
The sales office may also have other physical materials to view such as models and renders of the development and its location, which will help you to envision what life could be like living or investing in that building.
Have a solid team around you
You need to have a legal team around you, and an emotionally supportive one. Buying a property off the plan can feel intimidating, so having a strong circle of support is essential.
Legally, you will of course need a lawyer to help you read and understand contracts, advise you on due diligence, and help with all transactions and registrations. If you need a mortgage, hiring a mortgage advisor will be beneficial. They have all the knowledge about the forms you need and requirements to meet to get a mortgage approved. They will help you throughout the financing process.
An emotional support circle is important to have too. Ask your friends and family who have gone through the house-buying process before for their advice at every new step you take. Find a supportive group of friends who you can rely on and feel comfortable with to air your concerns and uncertainties to.
Buying a property off the plan won’t be as daunting as you probably think it will be, if you are prepared to be diligent with your research, communicative with the developer’s team and open to advice from your support network.
By researching the developer, getting all the resources to aid with the research, and creating a legal and emotional support circle, you’ll soon feel more confident about buying a property off the plan.
Our Mountain Oak Queenstown Apartments are currently selling off the plan. One, two, and three bed units, plus dual keys and private entry apartments are available.
Thinking about buying an apartment?
Mountain Oak Queenstown Apartments
Market Street, Remarkables Park
Located in the vibrant suburb of Frankton, Mountain Oak is redefining apartment life. Choose from one, two or three bed apartments, all architecturally designed around stunning mountain views of The Remarkables.
For more information, click here: Mountain Oak Queenstown Apartments
The Residences at Central Park
20 Park Avenue, Ellerslie
Located in the new commercial precinct of Central Park, The Residences is a boutique collection of studio, one bedroom, two bedroom and dual key apartments that offers amenities such as a rooftop garden and onsite gym.
For more information, click here: LQ Ellerslie – The Residences | Now Selling | Safari Group
Augustus Park
2B Augustus Terrace, Parnell
Located in the desirable inner-city suburb that includes the Double Grammar Zone, Augustus Park offers studio, one bedroom and two-bedroom apartments with incredible views out to the Auckland Harbour and the Hauraki Gulf.
For more information, click here: Living At Augustus Park – Augustus Park by Safari Group
Learn more
Want to learn more about the amazing new build investments that are under construction with Safari Group? Take a look at our Queenstown, Ellerslie and Parnell opportunities, and then give us a call on 0800 790 790, or email us on sales@safarigroup.co.nz