If buying a townhouse is something that you are planning shortly then you should consider buying one off the plan (OTP). Buying OTP townhouses in Melbourne offered by Chilli Realty is the way to go. This simply means that you are buying a property that is not yet complete, either construction has not yet started, or the townhouse is just partially built.
Because the property is not yet available to inspect, you would have to make your decision by looking at the floorplan or by brochures and other materials prepared by developers. You can also ask for a list of the specifications or inclusions that the townhouse will have once it is finished.
Some developers build a display or sample units that potential buyers can inspect. These sample units are exact replicas of what the actual units will be. They will have a complete kitchen, bathroom, dining room, living room and bedroom.
They also show that actual tiles and floorboards that will be used in the actual property. Some developers though will provide options regarding colors and materials so you can do a bit of customization to your new place.
One of the things that you need to know when buying OTP properties especially in Melbourne is that a 10% deposit is usually asked by developers upon signing of the contract. The fee serves as a security deposit for the property. You don’t have to pay any more fees until the townhouse has been completed.
More time to save
One of the advantages of buying an OTP townhouse is that it allows you to save more money before you settle into your new place. Usually, it would take another 12 to 24 months before a property is completed after the signing of a contract. By the time the property is ready for settlement, you will have more funds that can be used for the purchase and for furnishing your new home.
More tips when buying a townhouse
When buying a townhouse whether it is OTP or not, be sure that you choose the right developer. You should choose one that has been in the business for a considerable number of years already and one that has sold many properties already.
The same tip should be followed when choosing a broker or a brokerage firm. The bets brokerage firm is one that has established good relationships with different developers in a particular area. Extensive research is advised before you buy a townhouse or any property.