Buying off-the-plan apartments is becoming an increasingly popular option, especially for first-time home buyers. It offers you the chance to lock in a low price and even save additional funds during the construction of the new apartments. If you are looking for new apartments for sale, you may want to consider buying off-the-plan. What are some of the tips you should keep in mind in this process? Learn more about windsor apartments for sale, go here.
Do your research before signing a sale contract. You should do a background check of the proposed property and its developer. Check out some of the completed apartments by the same developer in the area, and know how the apartments will differ from the display unit. Find out what the sale contract includes such as fittings and fixtures, and ask about ongoing fees like strata levies to ensure that you can afford the total costs. Base your research on other similar apartments in the area and their prices to be sure that the property is fairly priced. You can find out more about windsor apartments selling here.
Consult an experienced real estate solicitor to help you analyze the sales contract. Off-the-plan contracts often have some clauses that you won't find in contracts of already existing apartments. These clauses can allow the developer to change the completion date, certain aspects of the building design and even the final price. Reviewing the contract with your solicitor will ensure that you are aware of any issues that could affect the timing of any payments as well as the property. You want to be sure that what you are paying for is what you will get.
Understand your deposit requirements before buying an off-the-plan apartment. Different developers will have different requirements for buyers. In off-the-plan purchases, a 10% deposit is required. Consider that carefully when planning your budget. Some developers will ask you for a bank guarantee while others will accept a cash deposit or a deposit bond. A local mortgage expert can help you plan and organize your deposit and how you will handle the payment process. Mortgage experts usually liaise with your solicitor so that you can be ready for settlement on the exact date.
Obtain loan pre-approval as earliest as you can. This will give you peace of mind that your loan is ready to go when the time of settlement comes. Your mortgage expert should be able to determine how much you can afford borrowing and find the most suitable mortgage loan for you. With good planning, the pre-approval process should not be complicated. A few weeks before settlement, your mortgage expert now prepares a full loan application to ensure loan approval. After the settlement, you can now wait for the completion of your off-the-plan apartments.