Why you should NOT buy off the plan!

You may have experienced marketers trying to sell you properties off the plan... Here are the reasons why you should AVOID buying off the plan!

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Disclaimer: This is not intended as legal, financial, or investment advice and should not be construed or relied on as such. Before making any commitment of a legal or financial nature, you should seek advice from a qualified and registered legal practitioner or financial or investment adviser.

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Why you should not buy off the plan

[fredsalfa]

Also there’s a risk of the building company going broke. There’s so many examples of this we hear of everyday in the news. I personally know several people that have just lost their $50K deposit because the company went broke

[RGS]

I bought off the plan with Aland recently at Schofield what should I do now
I did for tax saving?

[nsalt]

Yeah I'm the guy you're talking about. I locked into a new build in February 2022 after ensuring borrowing capacity in August 2021 with a property investment company that sold me the idea that they had a good relationship with the land developer and they were expecting the registration date to be pulled forward from December 2022 to July 2022. It's since been pushed 3 times and the expected registration date is now July 2023, the contract is basically unconditional, the build price is up $40k and I have to sell my car to be approved.
Expected profit is about $100k...but at this point I'm pretty sure I could have made that elsewhere 😆

[totallyraw]

I like to buy Duplexes, however, Eddie prefers to buy "dooplexes" 😂

[wadosbarbados]

So how do you know if you’ve locked into 1 of these companies & what do you do if you have?

[RPAS]

A "friend of a friend" has a "Property Investment coaching business" which flogs off "off the plan" new houses aka leftover developer stock.

The upfront fee is $10k (which sounds on par with the industry) for their location service (sourcing the property using their "proprietary methods")

What you don't see though is the $50k-$60k secret commission which is paid by the developer to this person's business after the sale.
This commission is never fully disclosed.
This is why he lives on the Gold Coast in a very nice area.

CAVEAT EMPTOR