Buying a yet to be constructed apartment or house can be an overwhelming experience, especially for first time buyers. To ensure you are receiving the best high speed broadband service and avoid future risks, ask your developer the following questions before committing to purchase.
What appliances, materials and fixtures are included?
Just because the display suite you’re visiting features Smeg appliances, don’t assume these will automatically be included in your completed property.
Avoid the potential heartbreak of saying goodbye to that premium washing machine by asking upfront what exact items are included in the sale.
A good developer will be able to specify all finishes, fixtures and appliances in the contract of sale, so look for this before signing any paperwork.
Will the property be nbn ready?
A fast internet connection capable of supporting both business and leisure is now a reality as the rollout of the National Broadband Network picks up speed.
According to an NBN survey, 80 per cent of Australian property hunters view a good broadband service as a major factor in the property buying process, and 66 per cent say they would negotiate a lower price if this was not available.
When enquiring about a yet-to-be-built property, prospective buyers should ask their developer, construction company or real estate agent if the property will be nbn ready.
Be sure to check whether your new home is nbn™ ready.
Developers have significant lead times when delivering new developments so the delivery of new infrastructure can generally be delivered in parallel, if it is not already in existence.Even if you’re not a frequent internet user, having this technology is an important future investment in case your needs change or you decide to rent out the property.
Having the flexibility in a home to cater for your future requirements is really important, It could be a couple moving into a home, yet to have children, or children of different ages using technology in a different way, or even retired couples. A lot of elderly people are jumping on the internet and trying to Skype family and friends.
Will the communal facilities look exactly like the marketing render?
Apartment developments in particular are increasingly becoming complete lifestyle offerings encompassing extras such as pools, private dining rooms, rooftop terraces, gyms, cafes and yoga studios.
A quality developer recognises and can therefore explain exactly what communal amenities will be included and how these will compare to the images portrayed in marketing materials.
Another key amenity to enquire about is parking, which is often at a premium in city homes.
Ask your developer what type of parking your new property will provide, including whether this is an off-street or secure basement space, and clarify if there is a stacker system or lift involved.
What are the strata fees?
Strata levies are often overlooked in the process of buying an apartment, despite these often being in excess of thousands of dollars a year. To save yourself any financial stress down the track, be sure to enquire about these in advance.
As well as the total cost, the company should also be able to provide a list of what these fees go towards, such as building maintenance, insurance, cleaning, communal rates and management.
What happens if something goes wrong?
Even if you do ask all the right questions, there is always the chance that your off-the-plan purchase won’t be completed on time or to your anticipated standard.
Most developers will strive to ensure this doesn’t happen, but just in case, check your contract has a sunset clause that gives both parties a deadline for when the property must be completed by.
Reaching out to friends and family before purchasing can also help prospective buyers determine a developer’s industry reputation to avoid those with a poor track record.
Surround yourself with a team of professionals who can provide you with ongoing support and expertise in securing your financial future.
The Addisons Team are here to help!
