Why choose longer title timeframes? When buying off the plan, house and land packages have been incredibly popular over the last three years. At Crest Property Investments, we have seen supply heavily outstrip demand. This has caused many buyers to consider buying longer title timeframes to own their dream home or that perfect investment property.
While longer title time-frames can sound frustrating, it can provide you with more choice and opportunity. In this market insight we highlight some reasons why you should consider longer title timeframes.
1. You have more time to save more money
When buying a vacant block, you’ll be required to pay a deposit (generally 10%). During the land construction, you are not required to pay any form of instalments until settlement. Having longer title timeframes mean you can secure a block that suits with having to pay the developer to establish the land for you. It also provides more time to save more money while you wait. Having more money also offers you the chance to increase your budget which may allow you to own a large block.
2. Choose the right house
Having a longer timeframe allows you to choose the right house. We are spoilt for choice, so its nice to take some time to assess some floor plans, facades and landscaping designs. Identifying what houses will fit on your land, considering colour schemes are just a few of the many things to look at. You can also walk through some display homes to get a tangible perspective. Seeking advice from a property adviser who is independent to the builders is a valuable trusted partner when going through this process.
As you have time before the land settles, you can make an informed decision without the pressure of time. In saying that, if you purchase a full turn-key, you can lock your build price in today and settle it next year at the same fixed price.
3. Get the best upgrades or cost savings possible
You’ve got more time to negotiate! Builders sometimes run promotions but can also provide some other incentives. If you are looking for particular upgrades or brands, this is a great way to find out what you can further afford. There are other cost savings to be made as, such as taking a little longer to design your house sustainably, potentially reducing your overall energy and water costs.
What should I do?
Before buying a house and land package, we recommend seeking professional property advice. At Crest Property Investments we specialise in sourcing brand new and off the plan properties for buyers. We also do not charge fees to buyers! If you’d like to learn more, please feel free to contact us. We welcome the opportunity to help you make the best property decision.
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more please contact us. We welcome the opportunity to assist you.
February 2022
