Buying property off the plan is one of the best ways to expand your property portfolio and buying a townhouse offers affordable opportunities in the real estate market.
Many cities around the world have a huge demand for new dwellings annually just to meet the population boom.
One of the best ways to accommodate this along with being one of the more attractive lifestyle options is with townhouses.
Whilst the dream of the suburban quarter acre block family home is an ideal of yesteryear for most folks, townhouse living offers many of the benefits of the traditional style home but without all the added maintenance hassles making them the ideal dwelling for the busy modern family all at a fraction of the cost.
Here we look at some of the benefits of off the plan purchasing for folks looking to buy off the plan townhouses.
You get a brand new property
Without doubt the biggest benefit of buying off the plan is that you get a brand new home in the super competitive market.
Nothing beats stepping into a brand new home that you have been able to style as you choose without any need for renovations or makeovers meaning you can start enjoying your new dwelling and your new lifestyle right away.
Stamp duty savings
The savings on stamp duty is possibly the best known benefit of off the plan buying.
Stamp duty costs can be a real stumbling block when trying to finance a property purchase especially for first home owners but buying off the plan can literally save you tens of thousands of dollars in stamp duty which is money you don’t have to find in order to make your townhouse purchase, but it is also money that you can be filtering back into reducing your mortgage.
If you are buying off the plan and looking to rent there are great savings to be had with the tax man especially once the property is fully completed and earning money as a rental investment.
The savings in the first year alone can be in excess of ten thousand dollars which improves your cash flow and your ability to keep your mortgage and interest repayments down.
If you are looking to inhabit an off the plan home remember, you will be stepping into a new smarter and energy efficient home which has been built to modernized building standards.
Reducing your power and operating costs once again means you will be left with more money in your pocket which is a great benefit in an expensive city and will also mean you have more to allocate toward reducing your mortgage or invest on expanding your property portfolio.
Reduced repair costs
It makes sense that not only will an off the plan townhouse be ready to step into, but it will also mean less repair costs for its owner as opposed to buying an older pre-existing dwelling.
Luxury of time
Along with the luxury of a new home, buying off the plan also affords you the luxury of time.
Off the plan townhouse purchase only requires a ten per cent deposit leaving you months, sometimes years to raise the rest of the balance.
This is a particularly beneficial option for people entering the property market for the first time.
As you can see, there are many benefits to off the plan property purchase so why not step into a new townhouse today.