Considering buying off the plan? You’re not alone!
Whilst it may seem like a strange concept to buy a house that doesn’t exist yet, there are many advantages to this course of homeownership. These benefits explain why the kit home path is growing in popularity for both young couples, families and empty nesters looking to build a relaxation nest for retirement.
What does ‘buying off the plan’ mean?
Buying off the plan means you are purchasing a property that has not yet physically been built. Instead, documentation such as detailed floor plans, virtual walkthroughs and location figures show buyers exactly what they will be getting in the future. Display homes or apartments may even be built into the offices of developers, allowing you to take a step into what owning your own home might look like. Standard one, two, three or more bedroom models often follow a general template, which makes choosing a home design streamlined and easy.
What are the advantages and disadvantages of ‘buying off the plan’?
A brand new home that is built specifically for you means you have further time to get all your affairs in order before you move in, and is therefore one of the easiest ways into the property market. A deposit is generally 10%, with the remainder owing once the build is complete. This could take anywhere from six months to a year, giving homeowners ample opportunity to pay off the balance.
There are also the other standard homeowner affairs to attend to, such as due diligence, land surveying, and financial plans; which do take some time to get in order. The build buys you some extra time, and that is something everyone can appreciate.
It all sounds too good to be true, but as with any purchase, there are also disadvantages to buying off the plan. Major issues such as incompletion of the build due to developers going bankrupt, frustration at poor design installations or cheap construction are all things to consider when buying off the plan. Additionally, you have limited choice when it comes to energy-saving aspects and heating your home. Whilst these things are out of your hands, it is much better to be aware of the risks beforehand.
Furthermore, your expectations may not fully be met once the build is complete, and you may find your home is much smaller than what you expected.
Considering kit homes as the superior solution
There is one option that combines buying off the plan with more security, and you may not have considered it yet – kit homes.
Kit homes allow more customisation and flexibility in comparison to ‘buy off the plan’ template homes. With OTP (off the plan) designs, you don’t have any say in changing the floorplans, fixtures or anything else that deviates from the plan, making this quite a constrictive option for buying a home.
Kit homes give you the choice of existing floor plans and designs or something completely customisable and exactly to your specifications. You can tweak each and every detail as you like, producing a home that is 100% suited to your lifestyle and tastes.
OTP homes also mean you are locked into your location, so that scenic change you were after would be completely off the cards. Kit homes, however, allow you to choose your location and land to have your home built on. This provides you and your family with even further choice when it comes to choosing your dream home.
If you weren’t completely sold on kit homes yet, the most alluring aspect of this home option is actually the price. Prices for a three-bedroom kit home startfrom just over $54,000 which gets you the materials delivered to your land. You then must factor in the cost of land and the cost of building and labour. When you compare this to the median house price for Sydney being $955,000 at the end of 2018, it’s not a difficult choice for both young and older couples; whatever their circumstance.
Kit homes – the new way path to homeownership
Whether you’re finally living the dream of building your first home, or you’re after a scenic change as you head into retirement; a kit home is an easy, flexible and modern option for every generation. With all the perks of buying off the plan, combined with complete design control and customisation, it’s easy to see why kit homes are becoming such a popular option.
Interested in building your dream home with Kitome? Download our brochure featuring our 32 most popular kit homes or book in for a free consultation with one of our home renovation experts. You’ll soon see how quickly we can make your dream home a reality.