3 Reasons To Buy Off The Plan Property
1. Increased Tax Depreciation:
A lesser known reason to buy a new Off The Plan property is the increased tax depreciation 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.
2. Energy Efficiency
With recent changes to the Australian Building Code, new properties must now meet stringent energy efficiency requirements. The benefit of this is that with the increased cost of Gas, Water and Electricity, tenants are now actively looking for and sometimes demanding energy efficient properties. By purchasing new property you will meet this increasing demand from tenants. It is also much easier to find quality tenants with new, modern properties, as everyone wants to live in a new property!
3. Easier to enter the property market
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 now. 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 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.
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