off-the-plan apartments and townhouses can offer excellent opportunities to secure a brand new home for a great price. They can also boast state-of-the-art amenity offerings and hard-to-pass-up incentives. However, before you sign any contracts, it’s always wise to undergo thorough due diligence to make sure that the offer is really as good as it sounds on paper and you can make your purchase with confidence. To help you with this, we’ve prepared a list of 55 important questions to ask the sales agent about the off-the-plan property you’re interested in.
Firstly, you’ll want to ensure the apartment you’re buying has been built using high-quality materials and constructed by reputable builders. It’s important to gather as much information and documentation as possible so that you’re not surprised with any hidden covenants if you want to build a mezzanine or blockers if you want to apply for a street parking permit.
Questions to ask:
Can I see a comprehensive building material list?
Are the floorplans customisable?
Are there any fixture and fitting upgrade options?
Can I tour some previous projects by the developer?
Who is the developer, architect, interior designer, landscape architect and builder of this development?
Have proper building inspections been undertaken prior to construction?
Can I see a copy of the building report and council plan submission?
Is the development environmentally conscious?
Have low VOC and formaldehyde-free products been used?
Is there a secure carpark, and what is the street parking like? Can I request a resident parking permit from council?
What brand appliances have been used?
Where have the fixtures and fittings been sourced?
What is included/not included?
Other than doing your own research about the location (walking around the suburb by foot is a great way to do so!) – your sales agent will also have access to a lot of information and statistics that might be helpful for your decision-making.
Questions to ask:
Where is the local supermarket?
What are the highlights of the area?
Is there any planned infrastructure within the surrounding neighbourhood?
Is the population of this area growing or declining?
How far away is public transport?
How safe is the area?
Living in an apartment can come with many perks, including access to lifestyle facilities, resident lounges and more. Understanding the rules surrounding amenity use and lifestyle within the building will help you to determine whether the property is right for you.
Questions to ask:
What amenities will I have access to?
What are the access hours for the pool/gym?
How often can I book the dining/lounge/cinema?
Is there an owner’s corporation and how regularly will I need to attend meetings?
What percentage of sales have been made to owner-occupiers vs. investors?
Can my friends and family utilise the amenities within the apartment building?
Who is the body corporate/strata manager?
While it’s important to always engage a conveyancing lawyer when purchasing a home (and they should be able to add to this list of questions surrounding legalities), here are a few simple questions to consider asking the agent regarding your obligations, rights and restrictions.
Questions to ask:
Will there be a cooling-off period when I can change my mind about the purchase?
Is there a building guarantee?
What happens if there are any issues with the building or my apartment?
What covenants are there on the property?
Can I make changes to my apartment without consent from my neighbours?
What happens if something breaks within the apartment building? Who is liable?
What happens if I need to sell prior to settlement?
What are my obligations as a resident of this building?
What if my apartment doesn’t reflect the renders and proposed plans?
What is likely to happen if the sunset clause is enacted prior to settlement?
Can I rent out my apartment?
Can I offer my new apartment as an Airbnb?
Who will notify me if plans change prior to construction?
Before you hand over your deposit, you’re going to want to make sure there are no hidden costs and that you will be able to accommodate any annual/ongoing fees associated with owning an apartment/townhouse.
Questions to ask:
Is the asking price negotiable?
Am I eligible for any first home buyer grants/subsidies/concessions?
Does the developer offer any financial incentives?
How much is the minimum deposit?
What happens to my deposit?
What are the annual body corporate/strata fees?
What are the annual rates currently?
What happens if the property depreciates upon settlement, will I still have to follow through with the purchase?
Is there potential for oversupply within this area that could impact the value of my home?
Lastly, in order to plan out the next phases of development, you’ll need a good idea around the timeframe of your development. This will help you to know what to pay and when, when settlement will be and the slated completion of your new apartment.
Questions to ask:
At which stage will I pay my deposit?
What date will I need to have secured my home loan by?
When is this development slated for completion?
What happens if my apartment isn’t completed on time?
When I move in, will the development be 100% completed or will construction continue after I’ve moved in?
When will the settlement be?
Who will be my main point of contact throughout the buying process?
Article Source: www.urban.com.au
When to deep dive into the advanced trading concepts?
Learning a strategy meticulously is commendable but knowing when a person is prepared to go those length is vital. Many people invest but only a few could make a profit. Traders blame their failure for lack of knowledge and want to know the market in detail. This brings the dilemma when investors should take this task. Beginners face this most as they have no mastery over this industry. They start with advanced methods to make more money but get distracted. These plots need wisdom that only experienced individuals could master. As a result, they are left with a basic understanding. This affects their confidence and soon they lose their capital believing their formula is not good enough to cope with the volatility.
In this article, we will explain when a person should take these extra tasks to improve their outcomes. Remember, this will not happen instantly. This takes time and you might have a changed mindset afterward. Evolving is part of growing in the Forex community. Traders can still make a profit with elementary formulas. But knowing the challenges in the ETF market can help you to execute much better trades.
When the present strategy is failing
If you find out the existing method is not working properly, this is worth the time. Evolving is part of growing up in this community which the majority never understands. They focus on using the latest techniques, get helps from scammers and buy premium courses. Instead of practicing, they spend time on those vague concepts. When you try to focus on inner mechanisms, many mysteries begin to unravel. People get to know why their plan was not working. This helps them to design a better scheme and improve their performance.
Does this idea bring an inquiry to mind which is why not start from the first place? If we know failure is inevitable, extensive skills would have saved the capital. The answer is that without experiencing these elementary ideas, we can never understand the market thoroughly. Traders believe this would save time but in a practical context, this would only produce gaps in your knowledge. By advancing from the beginning, we can rule out the possible reasons why some parts are not working. This gives you a better grip on your performance.
Ensuring steady cash flow
Do you want to ensure steady cash flow in your trading business? If so, you have to think like the professional investors who trade bonds. Professional bond traders are very good at analyzing market data because they have strong analytical knowledge. As a new trader, you should learn about the important factors at trading. Instead of trading with real money, we suggest starting to trade in the demo account. This will significantly improve your decision-making skills and help you to trade the market in an improved fashion. Eventually, you can make a consistent profit from this market.
During career transformation
Transformation in a career is a prime phase as this is when a beginner becomes an intermediate investor. A person no longer remains in the elementary tier and graduates to play with the big players. Rookie experts can be found at this level and to compete against the rivals, meticulous planning is needed. Investors cannot compete with their beginning ideas. They need a comprehensive grasp of the market. We understand this can be difficult as they are dealing with new settings but this is part of the challenge. Never give up and seek assistance from experts. Once an individual gets accustomed to these settings, their performance will be consistent as before.
When traders want to graduate
This is not the completion of a degree but the mindset to turn a new leaf in life. The trading community strives for excellence and this is the best way to manage the risks. When they enter the new atmosphere, risks will come up but managing and mitigating them will become easy with more advanced knowledge.
Superannuation property fund ISPT invests in Brisbane malls
Property On behalf of its ISPT Retail Property Trust (IRAPT), ISPT is buy a 3741sq m property in Springfield and a 4889sq m neighbourhood centre in Ipswich. Both were growing areas supported by strong residential catchments, said IRAPT fund manager Cameron Gregson. “Obviously the quality of the anchor tenants in both centres also was a…Read More→
On behalf of its ISPT Retail Property Trust (IRAPT), ISPT is buy a 3741sq m property in Springfield and a 4889sq m neighbourhood centre in Ipswich.
Both were growing areas supported by strong residential catchments, said IRAPT fund manager Cameron Gregson.
“Obviously the quality of the anchor tenants in both centres also was a drawcard for IRAPT,” he said.
The Springfield property comprises of a 3200sq m supermarket leased to Woolworths on a 20-year lease, along with eight specialty retail outlets.
The Ipswich centre, located just 2km from the Ipswich CBD, has a 15-year lease commitment from Coles to open a 4200sq m supermarket in June 2017.
The two properties will be developed by Brisbane private property group Citimark, which has $1.5 billion of diversified development book focused on southeast Queensland.
“IRAPT’s decision to acquire both the Silkstone and Springfield retail centres is a huge show of confidence in these projects and the southwest corridor (of Brisbane),” said Citimark’s director of commercial and retail Jonathan King.
McNab Constructions has been appointed to build the Springfield centre, with completion expected in May 2017, while Hutchinson Builder will build the Ipswich Centre.
Sam Hatcher from JLL and Craig O’Donnell from CBRE managed the sale.
Originally Published On: http://www.theaustralian.com.au/
Property Market Focus On South East Queensland: Report
The property industry has shifted focus from regional Queensland back to the built-up South East, according to the UDIA’s new Industry Insights Report. Prepared by The National Property Research Company (NPR Co), the report says that owner occupiers are expected to return to the market in force as their choices begin to increase and the outlook for…Read More→
The property industry has shifted focus from regional Queensland back to the built-up South East, according to the UDIA’s new Industry Insights Report.
Prepared by The National Property Research Company (NPR Co), the report says that owner occupiers are expected to return to the market in force as their choices begin to increase and the outlook for interest rates remains positive.
South East Queensland hotspots include Brisbane, Gold Coast, Ipswich, Logan and Moreton Bay, all showing price growth in land and house sales volume.
Medium to high density median prices – houses and apartments – remained fairly static, with growing sales volume, this is a reflection of the strong supply into the market in this category.
The UDIA (Qld) Industry Insights Report also reveals that in Brisbane, almost all respondents reported a rising market across all forms of housing over the last six months, with the majority view that we were yet to see the top of the cycle for apartments.
Interest rates and population growth were cited as the most positive market influences. The outlook for the Sunshine Coast was also positive.
While median price rises were slight across the board, the hospital nearing completion, investigation into improved transport infrastructure, economic diversification and improving domestic tourism figures buoyed the market.
In Ipswich, the market is steadily rising, although there was concern about the negative impacts of low employment growth and infrastructure investment that may limit growth.
Two thirds of respondents reported healthy levels of demand from international buyers.
Logan, Gladstone and Toowoomba led the state for land, with modest growth in land volume sales.
While Gladstone is coming off a low base, the outlook is more positive into 2016.
Logan has reaped the benefits of two major masterplanned communities and may well prove to be Brisbane’s newest and most dynamic corridor.
Population growth in the Fraser Coast, Mackay and Gladstone has challenged recovery in these areas.
The outlook for the Gold Coast is very positive with a large majority of respondents confident about a continued rising market, particular for houses, and very healthy overseas demand from both investors and owner occupiers.
UDIA (Qld) President Brett Gillan said Queensland’s new property market made a positive contribution to economic growth and jobs in Queensland in the first half of 2015, noting the buoyancy of the South East
“We are seeing the return of owner occupiers to the market, and they are looking for diversity and fresh choices in housing types and locations,” Mr Gillian said.
“Our challenge is to respond to this demand, and meet their lifestyle aspirations at an affordable price,” he said.
“We are seeing positive signs across the state, and increasing the supply of developable land will facilitate and encourage greater economic growth.”
UDIA (Qld) is actively working with the State Government to ensure that developable land is released to the market in a timely manner, so we can respond to the needs of home buyers and the community,” Mr Gillan said.
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