Should First Home Buyers Buy Off the Plan?

First home buyers are often tempted into purchasing Off the Plan property – after all, brand new means problem-free, right? Well, it's a lot more complicated than that.

You can't see, touch, or feel something that isn't built yet and there are a lot of risks that you have to consider before getting anything brand new.

Today, we're sharing some real life examples of what could go wrong when you buy Off the Plan property, what in the world are sunset clauses, when is the best time to buy property, what to do when you get low valuation, and much more!

If you enjoy the show, do like, rate, subscribe, and share it with others! We have loads of resources available and if you'd like to chat, email us at [email protected]!

We'll see you on the inside!

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Episode Highlights:

1. "Brand new" does not mean "no problems" [03:17]
2. Understanding Off Plan contracts [07:51]
3. What are sunset clauses in property contracts? [11:31]
4. Potential financial losses when buying your first property [16:56]
5. What happens when your valuation is lower than expected? [20:22]
6. Keeping track of the market and peak seasons [25:00]
7. The worst decision first-time home buyers make [30:04]
8. The (unpleasant) ways out of low valuation [33:39]
9. Should you take advantage of government incentives? [39:30]

Link/s from the Show:

• EP 6: The True Cost of First Home Buyer Incentives
• Property investors lose hundreds of thousands of dollars through unregulated real estate advice
• What if your off-the-plan unit loses value before it's finished?
• Off-the-plan apartments fall in value leaving buyers short-changed as COVID-19 hits
• Melbourne buyers face valuations shortfall

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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Co-Founders

Veronica Morgan & Meighan Wells

Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.

Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!

Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.

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