The state of Victoria offers excellent advantages for people
looking to invest in off the plan property. One of the most significant
of these advantages is the reduced stamp duty that comes when signing
a contract on a property that has yet to be built. The stamp duty is applicable
to the land that the property will be based upon but not on the building
because it has not been built and therefore it is not necessary, the investor
in this way can save extra money on top of various other savings that
can be made.
Other savings that can be made include being able to get depreciation
tax benefits on the building and the various fittings within the property.
When purchasing the property as an investment you are able to qualify
for such rebates, which enable larger savings on top of other things that
can be had when buying ‘off the plan’.
One of the major initial benefits of purchasing ‘off the plan’
is the opportunity it gives you when you’re in a rising market.
Instantly the investor starts to make capital gains because the contract
for the price of the property is fixed before anything is built, which
means that by the time everything is completed the market value of the
building can have increased from the amount that you may have recently
finished paying.
The breakdown of payments that are made in instalments throughout the
building of the property enables whoever is investing to restructure their
finances as they have a considerable amount of time before completing
the whole payment at the end of the construction.
Please visit us online to view: Buying Off the Plan