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Home › News › 10 reasons why your first home buy should be off the plan
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Nov 24 2020

10 reasons why your first home buy should be off the plan

Buying your first home is an exciting milestone in anyone’s life. It’s the culmination of hard work, savings and planning. 

For many first home buyers, buying off the plan can be a great way to get started on your property journey. In fact, here’s 10 reasons why off the plan is the way to go for first home buyers.

 

1. Stamp duty savings

One of the most common positives for purchasing off the play is the savings on stamp duty. 

Stamp duty is calculated on the “dutiable value” of a property at the date of sale. Purchasing off the plan means your dutiable value is the value of your property at the date of sale.

If construction hasn’t yet started, your dutiable value would be the total sale price less the money spent constructing your apartment. This means first home owners can purchase an off-the-plan property of more than $600,000 and still be eligible for a stamp duty concession or exemption. 

Buying a first home is a huge investment, and those extra fees can really sting. Any savings is a welcome help for a first home buyer.

 

2. Grant support

Buying off the plan means you are eligible to a number of support grants such as the First Home Owner Grant that could net you an extra $20,000. 

The new federal government HomeBuilder grant could also net you an extra $25,000 if you’re off the plan development is able to start work between June and December 2020. 

 

3. No surprises

Buying off the plan means there are no hidden costs. This minimises the risk of going over budget like when purchasing a fixer upper. 

You know exactly what you’re getting from the layout to the tile colours, all detailed in your contract of sale. 

It also gives you plenty of time to get organised before moving into your brand new dream home.

 

4. Save on repairs

Obviously buying a brand new build means no unexpected shocks like busted hot water service or a leaky showehear.

You’re also entitled to a new home guarantee, where most contracts include a stipulation to fix any defects for up to a year after settlement.

 

5. Less risk

New builds off the plan means you have a body corporate backing you up. There’s little risk of running into historic building problems like structural damage, termites, dry rot or health risks like asbestos.

 

6. Lower power bills

Under the Australian Building Code, new properties must adhere to stringent energy efficiency standards. 

This is a win for off the plan buyers who will benefit from energy-efficient appliances that will save power but are also more economical to run. Good for your wallet and the environment.

 

7. Potential gains

Buying off the plan means you purchase your new home at today’s prices. This could mean your home will be worth more on move-in day then when you purchased it. 

 

8. Get in early

Off the plan developments often pop up in growing suburbs. You can get ahead of the curve and be an early adaptor to Melbourne’s next growth area by getting in early on an off-the-plan development.

 

9. Get started sooner

Off the plan means you can start with a smaller deposit upfront, leaving your with more time to save up a healthy buffer whilst construction is underway. 

 

10. Make it your own

In the early stages, many developers will allow you to customise parts of the build like finishes and colours, making the home truly your own once you get the keys.

 

Finding the right off the plan home for your situation can be challenging. At Amity, we have an experienced team working across all areas of Melbourne to find and sell the best properties for your budget and lifestyle. 

For help finding your first home, contact the team at Amity on +613  9090 2500 or email info@amity.com.au.

24 November 2020 News

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You must be a Qantas Frequent Flyer member to earn and use points. A joining fee usually applies, however Amity customers can join for free here. Membership and points are subject to the Qantas Frequent Flyer program terms and conditions.

*Members who purchase an Eligible Property priced up to $599,999.99 will earn 100,000 Qantas Points and members who purchase an Eligible Property priced at or over $600,000 will earn 200,000 Qantas Points. Points will not be earned on any government taxes and charges paid, including stamp duty. This offer applies to all contracts signed on or after 21/03/2018. Amity Property Group reserves the right to withdraw this offer at any time. "Eligible Property" means a new (including off the plan) residential property that has: 1. Been identified by Amity Property Group as an eligible property; and 2. Been purchased under a transaction where the only selling agent is Amity Property Group. Any property where Qantas Points are earned directly from the vendor or where Amity Property Group is not the only selling agent is not an Eligible Property. You must provide your Qantas Frequent Flyer membership number to Amity Property Group prior to the payment of the deposit. Qantas Points will be credited to the nominated Qantas Frequent Flyer account(s) (a maximum of 20 accounts may be nominated) in two stages: stage 1: 10% of the Qantas Points will be credited upon the contract becoming unconditional and the deposit being paid in full and stage 2: the balance of the Qantas Points will be credited upon settlement of the Property and the balance of the purchase price paid in full. Points will be credited to the Qantas Frequent Flyer account(s) within 6 weeks of payment being received in accordance with each stage.

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