There are many reasons for buying off the plan in Australia . However, the state of Victoria has much more advantageous laws relating to the payment of stamp duty when purchasing off the plan property. There is the opportunity to make considerable savings as the stamp duty is regarded as the value of the land, and since there is no property built to factor into this, you can save a lot of money. Another example of the savings that can be made when investing ‘off the plan’ is that you are able to pay the purchase price even though the building might not be complete for quite a while. In a market that is rising you are making capital gains on top of the general savings in price that come from purchasing ‘off the plan’ like the price difference between a property that has been built and one that is ‘off the plan’.
On top of these reasons there are also numerous tax
advantages available for the investor. As you are investing at an earlier
time you can have a wider selection of internal decisions, such as the
floor plan and kitchen accessories, which is beneficial because of the
depreciation that you would qualify for. These decisions give you much
more control over your investment and at the same time you are able to
gain tax breaks on these decisions. Having the choice of how you ‘fit
out’ a property is also beneficial because you can specifically
cater to whatever section of the market you are looking at.
Please visit us online: Buying Off the Plan
in Australia