100% Locally Owned, Independent and Free

100% Locally Owned, Independent and Free

Excited about your off-the-plan home? Here's what you could have done differently

Do you have a news tip? Click here to send to our news team.

Coast home recognised as Queensland’s best

A Sunshine Coast home has been recognised as the best in Queensland at a prestigious awards ceremony. Sarah Waller Building’s ‘Blackwood’ claimed the top honours More

Historic town’s new-look streetscape unveiled

A Sunshine Coast town's main street has a new look. Landsborough's Cribb Street has been revitalised by a streetscape project that included introducing a range More

Jane Stephens: the unwitting harm of social media

Comparison is said to be the thief of joy. And while it might not don a balaclava or take money and jewellery, social media platforms More

Photo of the day: misty magic

“The lovely scene at Witta, looking over the Mary Valley and Conondale Ranges,” writes Catherine Mobbs. If you have a photo of the day offering, More

‘Immaculate’ home steps from the beach an ‘entertainer’s dream’

A modern home less than 100 steps from the beach in a sought-after neighbourhood is poised for auction. The corner home boasts luxury and convenience More

Feedback split but council gives nod to luxury hotel relaxations

The Sunshine Coast Council has approved a temporary local planning instrument allowing height and carparking relaxations for luxury hotel developments for the next two More

As the time to settle my off-the-plan (OTP) purchase nears I have turned to an industry expert to talk about what I could have done differently in preparing to commit to my new home.

Early on in our chat, Ray White Maroochydore director Dan Sowden makes it clear I am locked into the purchase.

In signing the unconditional contract, which developers need to secure bank funding to start construction, if I want to change my mind, it could be difficult.

The most obvious options are talking to the agent or to the developer about selling the apartment.

Mr Sowden notes, getting my 10 per cent deposit back, which is normally paid in cash or by bank guarantee, isn’t likely to be straightforward.

Ray White director Dan Sowden.

But if I want to sell, it will be into a rising market.

“We are selling apartments off-the-plan (OTP) and apartments once they are completed for more money than what the original buyer paid for them,” Mr Sowden adds.

Buying OTP allows purchasers time to shop around for a loan or take their time to sell their home before settlement of the new property as some developments can take several years from the contract being signed until building completion.

A heads up: the standard sunset clause for contracts is three-and-a-half years.

Mr Sowden strongly recommends buyers research the reputation of the developer, ask the selling agent for details of the developer’s track record and look at the building pre-sales.

Before signing my contract, I was shown through my developer’s most recent project, where I saw the quality of work they delivered.

“I would (also) be very clear on the floor plan you are looking for,” Mr Sowden says. “I would try to find a similar floor plan and size that is on the market now.”

As I have recently built a house, running a ruler over the plan and reviewing the inclusions was relatively straightforward.

Early on I appointed a solicitor experienced in OTP contracts. The contract’s length can be daunting. Mr Sowden says he quite often firstly sends the contract to the purchaser’s solicitor so a brief can be prepared for them.

It’s been a long two-and-a-half-year years wait, but I know my new home will be worth it.

I now need to do a pre-settlement inspection with a qualified building inspector by my side, pay for the apartment and then settle into more great Sunshine Coast living.

Subscribe to SCN’s free daily news email

Hidden
This field is for validation purposes and should be left unchanged.
[scn_go_back_button] Return Home
Share