One of the best known sayings in real estate is ‘Location, Location, Location!’. But when it comes to buying a new apartment off the plan, the best catchcry you might want to be saying is ‘First in best dressed!’.
Seeing as you are trying to buy something that doesn’t exist yet, it is crucial to be across marketing campaigns to sniff out opportunities and to get ahead of the rest of the market.
This is especially so seeing as off the plan apartments are often advertised a couple of weeks before they go on the market to drum up buyer interest.
Different developers can try to stimulate interest in different ways, some even offer VIP nights for example. If you’re really keen as a buyer, you can look at the property before it goes to market.
If you do get to have a look at a property before it goes to market, think about this…you may get to get your hands on the best apartment in the block. You can choose which apartment you want whether it be the one with the bayside views, the one up high, or the one facing east for example.
Another advantage of being the early worm is that you might also score a discount because most sellers need a certain amount of pre-sales before they can get funding to build the apartments. The first properties released are most often the cheapest because developers need quick early sales.
Once developers have got what they need and have met their financial requirements, they can jack the price up on remaining properties to maximise their profits.