Here comes the most important part which is mostly missed or gets wrong by the first time buyers and investors -The part of asking questions. Commonly the first time buyers are not very sure about the core questions they MUST ask and might get into trouble later if not asked and sadly they lose time and money which usually gets topped off with more melancholy of the family or relatives.
So here are a few questions for the first time buyers or the people who are about to invest on an off the plan apartments Sydney.
Will the final output resemble the apartment layout and the display suite?
- What would the sunset time aka the time duration that would be taken and the specified date or time when the project is expected to complete?
- Who is in charge of keeping the 10% of my deposit?
- What if something happens to the developer and I have already deposited my 10%.
- Do I have to settle with the project even if the interest rates rise and market rates drop?
- How much do I have to pay as Strata fees?
- Is there a way to ensure tenants will keep my property with well cared?
Now, since we know the required questions, let us look at exactly what does each of the questions aim to inquire.
- Asking trusted off the plan developers about the final output of the construction is very important since the Display suite is only a representation by an experienced artist who usually exaggerates the painting so beautifully that it attracts a lot of people in large numbers.
- It is quite important to ask about the possible sunset time of the project to avoid any mess with your plans. The thing that makes it even more important is the legal right; it gives you in case the developer is not able to finish the project in the stated time duration.
- You should be aware of the person who is officially the in charge of collecting the 10% payment deposits from the investors as it gives you the chance to make negotiations on the full interest on payments or apart.
- Mostly the 10% is kept in the solicitor’s trust account, but it isn’t a bad idea to make it clear and sharp.
- We never know when the tables turn and which second the market drops to the valley and the interest rates rise to the mountain. Therefore the contract usually mentions how you cannot step back once it starts and you have to oblige to the terms mentioned to settle the case.
- Levies are payable in every four months and is the fees that an owner of an apartment specifically in the strata department is liable to pay to the owner’s corporation for property management of the building and changes from project to project.
- As we never know how the property would be treated, it is wise to get a Landlord insurance that covers the potential loss.