Advantages to Buying “Off the Plans”

Sep 15, 2021Property Investment

Buying property can be an incredibly exciting time for aspiring homeowners. However, auction stress and high deposits can make the house-hunting process a difficult one.

For many, buying off the plans can be a great option. Here’s all you need to know about buying off the plans and the advantages it can bring.

What is buying “off the plans”?

Buying off the plans means you’re agreeing to purchase a property from a developer while it’s still in the process of being built. Developers can advertise properties for sale before the building has been constructed. Homeowners will then be able to move in once renovations have finished and the property is ready to live in.

As there isn’t a physical property to investigate, buyers can look at architect impressions and plans (hence the name “off the plans”) of what the property will look like once finished. They’ll also be able to get extra information about the project and the developer.

While the exact process can differ depending on the developer, a deposit is usually required before or after signing the contract. Once the property is fully built and ready to live in, buyers then pay the rest of the fees before moving in.

The benefits of buying apartments off the plans

If you’re looking to buy an apartment, buying off the plans can be a cost-effective and flexible option. Here are several benefits of buying a property off the plans.

Get the best prices

Buying off the plans means locking in today’s price. The housing market is constantly booming, and inflation and property prices have the potential to increase exponentially.

Developers usually want to sell as many properties in the early stages as possible, so buyers can sometimes take advantage of “early bird” discounts, especially before construction starts.

Flexibility on the payment

Usually, the small deposit up front is 10%. This is great, as it gives you more time to prepare financially over the coming months and years, and you’ll be able to gain flexibility on the down payment. During this period, you can continue saving slowly, without the hassle of coming up with a large sum of money in one go. As builds usually take a long time, you’ll be able to be flexible in how you spend (and save!) your money.

Live in a brand new home

One of the best perks of buying off the plans is getting a brand new home to move into. A brand new home comes with many benefits, like modern furnishings and fixtures, excellent insulation, and optimal plumbing and electrical systems. Because it’s new, you also won’t need to undergo costly renovations or repairs for a good while. You also get first picks of the apartments, so there’s the ability to choose the best apartment with your favourite view.

Kensington Park is an excellent choice for buying off the plans, as they’re currently building a new development called The Garden, with beautiful apartments and great views of the surrounding complex.

Less stress

Buying properties can be incredibly stressful. Usually, you’ll have to battle against other buyers in auctions or skyrocketing prices. Because builds usually take a couple of years, you’ll also have more time to prepare for the moving process and space it out over a more extended period. When you buy a property off the plans, the contract is also very upfront. As a buyer, you’ll be able to see what exactly is being included in your new apartment and the process required to build it.

Potential capital gains

If you’re buying off the plans, you’ll most likely be able to benefit from the housing price growth. For example, if you purchase a property that’s only going to have a finished build in two years, each year increases the property’s value. This can give you potential immediate capital growth. This means your apartment will have actually grown in value without you even living in it.

The bottom line

Buying an apartment off the plans is a great way to save money and time, while still getting a beautiful, modern apartment at the end of the process.

To book a private tour or to learn more about Kensington Park, get in touch with the team today at 0800 725 775.

Start Living the Dream and Buy an Apartment in Orewa Today!

Imagine residing in a neighbourhood with fruit and vegetable trees near Orewa Beach. Even if you stay home, you will enjoy one of these dream apartments designed to perfection.  The best part is that this is not just a dream. Buying one of Kensington Park's...

Lifestyle Village Living at Its Finest in Kensington Park!

Before making big decisions, you must know precisely why you are buying a new apartment. What exactly are you looking for in a lifestyle village? These will help guide you through your apartment purchase journey. At Kensington Park, we offer everything you need and...

Benefits of Purchasing an Apartment in Orewa!

Looking for apartments can be an overwhelming journey. People usually have a long list of requirements that are difficult to find in one place. So, they compromise.  With Kensington Park apartments, you will not need to do that. Our apartments in Orewa meet all...

Why You Should Consider Purchasing an Apartment in Orewa

The sheer excitement of browsing through listings is like being a detective on a mission to find the perfect place that checks all your boxes. You might be scrolling through countless photos, imagining your life in each apartment.  Will you go for the cosy studio with...

Why Kensington Park Apartments Are Different!

The experience of buying an apartment can feel stressful and overwhelming. There are a lot of aspects to consider. In the end, apartments are also considered a long-term investment. So, you want to ensure you buy the apartment of your dreams. Orewa is considered one...

The Benefits of Apartment Living

Apartment living has become increasingly popular in recent years and for good reason. Not only is it more affordable than buying a house, but it also offers a range of benefits that you can't get with traditional housing. And if you're looking for apartments in Orewa,...

Experience Apartment Living Like No Other at Kensington Park! 

Searching for apartments can be an overwhelming experience. Most people want apartments that combine space, location, community, nature, etc. Sounds too dreamy, right? Well, Kensington Park apartments in Orewa made all these dreams a reality. Orewa is a local New...

Experience a Lifestyle Like No Other at Kensington Park

Life is like a grand adventure, and one way to make it even more thrilling is by stepping out of our comfort zones and immersing ourselves in diverse ways of living. Imagine you wake up one day and embark on a lifestyle exploration. Instead of following your usual...

A Lifestyle Like No Other Awaits You at Kensington Park! 

Nowadays, many people are not just looking to buy homes or apartments. They are searching for something more like a lifestyle village. Getting a home in a lifestyle village comes with a lot more than just a great place to live. It is an active, relaxing, and social...

Freehold vs leasehold: The pros and cons

Thinking about purchasing property in the near future? One of the most important things you’ll need to consider for your home buying journey is whether a prospective property is freehold or leasehold. Each comes with its own set of rights, responsibilities and...

Contact Us

Visit our sales suite 10am - 4pm daily,
1 Parkside Drive, Orewa, Auckland 0931.

We have show homes available to view.

Call us toll free on 0800 725 775

Or get in touch with our agents:

Jaimee Durham: 027 389 2989
Nadine Boyes: 021 146 3871
Andrew Fagan: 021 126 5884

Book A Private Tour