Off the plan: The pitfalls
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.