Off the plan: The pitfalls

Off the plan: The pitfalls

RunDownYou have to be careful when buying ‘Off the Plan’ property.

I’m still seeing many people talk about the ‘no stamp duty’ benefits. Plenty of things counteract that, so it’s important to do your research.

This is a photo of one that has gone wrong, in a big way.

It must be about 5 years now that this block has been sitting in its current condition. Basically the large apartment complex has been built on contaminated land and cannot obtain a ‘certificate of occupancy’ from the council.

Buyers have lost their deposits, and many have faced financial ruin. Some parties on the transaction are now bankrupt.

Do your research and I think it’s always important to get the history of the the developers. Are they good and recommended? Or have they been devious in the past?

A quick way, would be going to Google and doing a search on the location, the developers and getting the paperwork throughly checked before committing.

 

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