I’m often asked about the pros and cons of buying off the plan, and I want to share a story of a client who took the leap of faith, trusted my experience and research and purchased a property off the plan.
Her brief was high rent yield with strong potential for capital growth. She wasn’t in a position to purchase immediately, but wanted to make the commitment, so off the plan was the best option for her.
I sourced a 2 bed, 2 bath, 1 parking apartment in Wynnum, 20km to the east of Brisbane CBD. It was well connected to public transport, close to shops, schools, coastal parks and waterways. The purchase price was $600,000 with a 5% deposit required at exchange. The expected rental return was $600 per week and the cashflow was looking good.
My client was sold and exchanged contracts on 19 August 2022, with construction scheduled for completion in late 2024.
As this was my client’s first property purchase, she utilised my referrals to a mortgage broker specialising in investment loans, a trusted conveyancer, building inspector, insurance broker and property manager.
I conducted a site inspection mid-construction to ensure everything was on track and was delighted with what I saw.
Construction was completed, inspections were performed and my client exchanged contracts on 20 November 2024. The apartment was hers and a massive life goal was ticked!
The great news is that the apartment is being advertised for $680 per week rather than the forecast $600 due to rental demand in the location, and the apartment upstairs with the same floorplan is on the market for $735,000. That’s $80 per week more cashflow than expected and an immediate capital growth of $135,000.
This is just one success story of a client taking that leap to achieve a goal, with guidance and support every step of the way, to achieve an outcome far beyond her expectations.
If you’re ready to do the same, let’s talk.
