Queensland offers captivating coastal landscapes and vibrant urban lifestyles, making it an attractive property market for both residential and investment properties. One popular way to purchase Queensland apartments is ‘off the plan’ sales; buyers sign a contract to purchase one that has yet to be constructed or completed. While this may sound risky, off the plan sales can provide unique investment opportunities.
Before purchasing off-plan, it’s essential that you thoroughly research both the developer and builder. Be sure to thoroughly understand their track record, industry reputation and financial stability as well as whether a clause exists in your contract that allows for a building and pest inspection prior to settlement so you have an in-depth knowledge of your potential new Queensland apartment before signing an agreement.
Many off the plan contracts include a sunset clause that specifies a date by which construction must be finished and your apartment ready for occupancy. This clause ensures that if construction doesn’t end within this timeframe, you have the option to terminate and receive your full deposit back as compensation.
Consider whether or not your development will primarily house tenants when purchasing off the plan real estate in Queensland, as this will impact how much maintenance is necessary and who are renting your properties. Most developers sell off-plan Queensland apartments to both owner-occupiers and investors, meaning there will be an increasing proportion of rented apartments within each building – this poses challenges as some tenants may not take as good of care with maintaining the building than its owner, leading to damage and wear and tear of buildings over time.
Investing in Queensland off-the-plan apartments is an excellent way to secure high-quality real estate for both long-term occupancy and rental purposes. But to do it successfully requires considerable due diligence. Contracts reviewed by an attorney before signing, especially when purchasing off plan or within a community title scheme with sunset clause. By arming yourself with all of the facts and knowledge about Southeast Queensland’s robust real estate market with confidence – with Grow&Co Property Agents as your trusted management team you can maximize every opportunity presented by off-the-plan Queensland apartments!