As Australia's established home market becomes increasingly difficult to buy into, there are many advantages to buying off-the-plan, however, it can sometimes be difficult to know which apartment is the best one for your needs.
In every block, there are always apartments that are the most in-demand, and those that are among the last offering. Whether it’s the apartment layout, position or its orientation to the sun, the first few will always be the cream of the crop.
So how do you secure the apartment of your dreams in a highly competitive market? With a bit of insider knowledge.
Leonard Teplin, director at leading sales and project marketing agency Marshall White Projects, shares his top four tips for landing the best apartment on the block.
1. Know what you want
Before you start looking, have a very clear idea of what you want. That means knowing the extent of your budget, the location you’d like to live in and the amenities you want to be near.
Once you have a general idea of your location and price range, make a list of features that are ‘non-negotiables’ and another list of ‘nice to have’. These could include anything from your orientation to the sun, city views, large outdoor space, a second car space, abundant closet space, etc.
Having these lists will narrow your search field and allow you to compare residences based on how many of your boxes they tick; as a guide, seven out of ten means it's worth further consideration.
2. Be proactive
Competition is so strong for apartments these days, it’s not enough to scroll through listings and wait until something suitable appears – off-the-plan purchasers need to be savvy and proactive. The best way to do this is to be on a real estate agency database so you can be alerted when projects become available prior to their public launch.
At Marshall White, almost all our projects are at least 40 – 50 per cent sold before they are open to the general public. The early buyers are those who are in our private database who can access our new projects before we release them to the wider market.
This means those in our database can select the very best apartments in the block with the best views, orientation and size or proportion, often before the signage for the project even goes up. This leads me to my next tip...
3. Maintain a relationship with your agent
Having a “my agent mentality” will do wonders for your house-hunting efforts. An agent will have background knowledge of what you’re looking for, so they can do a lot of the field work for you and narrow down the options before they present you with potential residences.
Buyers with a dedicated agent are often the first to know of new projects and can secure an early position prior to a project’s launch.
4. Be prepared
The worst mistake you could make is following all the above steps, scoring the apartment of your dreams, then not being able to complete the application or supply a deposit in time. If you’re unable to sign the contract, provide supporting documentation and hand over a deposit shortly after securing the apartment, it will typically be forfeited to someone else.
Before you even start looking, make sure you know how much lending you’re eligible for from your bank, have your deposit in an easily accessible place and have all supporting documentation ready to submit as quickly and easily as possible.
Whether you want to secure that elusive penthouse or one of the few apartments with a private courtyard, these tips should put you in an advantageous position to select the very best apartments in the block of your choice.
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