With investment being poured into developing Newcastle, the city is transforming into an urban metropolis. Apartment complexes are popping up all over town and there has never been a better time to buy off-the-plan.
Buying off-the-plan for first timers
As part of our spotlight on first home buyers, we asked our agent Bree Atkinson for her tips on how to make buying off-the-plan for the first time stress-free. Having recently bought her own first home off-the-plan, Bree has an in-depth understanding of the process. Read on for Bree's top tips;
- Find a broker who you feel comfortable with. If you don’t click with one broker, don’t be scared to shop around and find someone that suits you better.
- Once you know your expected borrowing capacity and have estimated your weekly mortgage repayments, set up a direct debit each pay cycle to transfer money into a separate account so that you get into the habit of paying off your mortgage. It’s the perfect way to show the bank that you can service the loan and, depending on how long until the project is ready, you will have 6 months to 2 years worth of mortgage repayments ready to dump straight on your mortgage!
- Get to know the developer and their quality of work, see what else they have done and see if there’s an apartment for lease or sale in a building they have completed previously that you can inspect to see if you like it.
There has never been a better time to buy off-the-plan in Newcastle. Check out the Sky Residences complex located in Newcastle' s new Civic Cultural Precinct here.
- When you’re looking at floor plans and sizes it’s hard to visualise what the final apartment will look like in real life. Check out other apartments around town that are a similar size to the one you are looking at. See if the size works for you and what 100sqm actually looks like.
- Ask yourself what the long-term goal is? Buying off the plan is an easy way to obtain capital growth in the property while its being built. Market conditions fluctuate and move constantly so if your first purchase is a stepping stone into something bigger, buying off the plan is a great option!
- Developers are flexible and are generally very accommodating so if there’s something you would really love, and your plans don’t include it; ask for it! For example, if the plans don’t include a bath or something that would make you feel more comfortable in your own home, don’t hesitate to ask. Always try to do it straight away as it’s easier to add things in as the development is being planned.
- Go online and Google what the future plan is for the suburb you are looking in. For example, Broadmeadow is a booming suburb and has a massive amount of infrastructure and money being pumped into the area. This means there is a huge opportunity for capital growth in the suburb.
- Finally and perhaps most importantly, have realistic expectations and an open mind.
Having recently bought her own first home off-the-plan, Bree Atkinson has an in-depth understanding of the process.
We're here to help
As real estate agents, we are here to help you, so ask all the questions you need. Buying a house is meant to be exciting! It’s an amazing achievement and should feel that way!
If you would like to find out more about purchasing your first home, please don't hesitate to get in touch. You can reach Bree on: 0488 427 339 or via email: firstname.lastname@example.org.
Thanks for reading,
The First National Newcastle Team