5 Reasons To Buy Off The Plan
Here are a few benefits of Buying Off The Plan property from our free download titled 7 Reasons For Buying Off The Plan which outlines extra reasons why buying Off The Plan can be an excellent property investment strategy.
5 Reasons To Buy Off The Plan
- One of the well known and biggest reasons for buying off the plan property is the potential for huge stamp duty savings. For example, in Victoria you could potentially save over $18,700 on a $500,000 purchase if you purchase a new Off The Plan property instead of an established property.
- A lesser known reason to buy a new Off The Plan property is the increased tax depreciation that is available for Off The Plan properties. Increased depreciation means your holding costs will be much lower as the tax man is covering a bigger portion of your investment property expenses.
At Latte Property we have had great success showing property investors how to reduce their after tax contributions down to less than a latte a day. - New Off The Plan properties also require significantly less maintenance than an older established property. This means you will reduce your expenses but more importantly will reduce the STRESS that comes with property maintenance issues.
- Buying Off The Plan will mean you can avoid the common high cost renovations that will be required on an older property. It is not widely known that renovation costs are not always tax deductible, and even if they are, you still need to come up with the cash and deal with the stress and inconvenience.
- Buying Off The Plan is one of the easiest ways to get into the property market, as you only need to put down a 10% deposit. The remaining balance and/or finance is not required until construction has been completed. With construction taking between 6 months and up to three years on some of the larger projects, this gives you extra time to save and put more towards your new property. With more savings to put towards your new property you will be able to borrow less and therefore your loan repayments will be much lower.
Download our Free 7 Reasons For Buying Off The Plan
Any Questions? Ask Darryl Here
Related Article: 5 Conveyancing Tips: Buying Off The Plan
Written by Darryl Simms - First published on Linkedin Pulse
About Darryl Simms
Darryl Simms specialises in helping individuals invest in property for less than a latte a day, reduce their tax and create enjoyable lifestyles.
As the Founder of Latte Property, Darryl willingly shares his extensive knowledge built up over the last 25 years to help clients create wealth through property investment.
Latte Property has a large following of successful property investors who have enjoyed professional guidance in the purchase of quality new apartments, new townhouses and new homes.
Darryl is also the Author of “50 Must Know Property Investing Tips” and is currently busy writing his next Property Investment publication.
Darryl’s favourite quote is:
“Try not to become a man of success, but rather try to become a man of value” – Albert Einstein
Contact Darryl at www.latteproperty.com.au/ask-darryl