10 Tips For Buying Off The Plans
Why buy a home off the plans?
Buying off the plans means not only do you get a brand new property, built to the latest building code, you also take advantage of pre-construction prices.
You also get the opportunity to buy into an exciting new development such as Tamora Lane in Avondale.
However, not all developments are created equal, and the array of options on the market can be daunting.
Here are 10 things you should investigate before buying off the plans:
1. The pedigree and track record of the developer
You’re backing them to complete the project, to the standard they’ve promised. Do your research, inspect other projects they’ve done – make sure they have a good reputation. Wilshire Group who are developing Tamora Lane have a fantastic track record who have also recently completed Richmond – Stage 1 located in Mount Wellington.
2. The old real estate cliche – location, location, location
This doesn’t change with higher density developments – in fact it’s more important. Think about how close you are to local amenities, cafes, shops and education providers. What’s happening in the area? How much other development and investment is going on? Where are the transport links?
3. What makes the development stand out from the rest?
Make sure you’re buying something with unique features, that isn’t the same as all the other developments. This includes size, quality, location, views and carparking. Make sure you’re buying into something that will appeal to future buyers.
4. Is it built to minimum standards (NZBC), or have they gone above and beyond?
Check all the details – fixtures and fittings, wardrobes, floor finishes, balconies, parking and communal spaces – carefully.
5. The soundproofing
The minimum standard in New Zealand is 55 STC (sound transmission class) and IIC (impact insulation class). Aim for above the minimum if you can – 65 STC/IIC is great and will make a huge difference to the enjoyment of your space.
6. The size and layout
Make sure you understand how big your apartment or townhouse is actually going to be. Check the square meterage. Remember this will include ‘wasted space’ like hallways and cupboards. Furniture shown in marketing materials can be deceptive. Make sure you ask what size beds are placed in the bedrooms.
7. Choose your outlook carefully
Are you going to get plenty of natural light? What about sun? Will your apartment be blocked by a future development? Do you want views? If so, city or water? Think about these things carefully – you can’t change a view. Obviously the price will increase as the view gets better.
8. Do your due diligence
Make sure you thoroughly investigate the body corporate; check that the annual fees are realistic and will cover expected maintenance. Read the rules – there may be restrictions on pets and how you use areas of the development.
9. Triple check your contract
Get good independent legal advice. Make sure there is a solicitor’s approval clause in the contract, and if not, ask for it to be inserted. Ask where the deposit will be held, what happens to the accrued interest, what is the length of the conditional period, if there’s a sunset date (when the development has to be finished by) and what happens if extra time is needed?
10. Security and safety
Ask about security and safety features, such as sprinklers, fire escapes and extinguishers. Make sure the developer isn’t cutting corners.
Buying off the plans has several advantages, just be sure to do your research before committing.
About Tamora Lane
Tamora Lane features 54 new terrace homes right next to the historic Avondale Jockey Club and overlooking the Whau River. Be part of a vibrant new community – selling now.
Come and view the development at the showroom, with Virtual Reality!
Homes selling from $701,000.
Display open from 5th May daily 12 – 2pm. 30 Sandy Lane, Avondale.
June 12, 2018 Blog