Re: Buying off the plan

Don’t for get the Owners Corporation network’s off-the-plan buyers’ seminar coming up on October 27th.  If you or anyone you know is thinking of buying off the plan, you really need to be there.

Here’s their latest press release.

OFF THE PLAN BUYERS BEWARE SAYS PEAK OWNERS BODY

Tuesday, 16 October 2012

Buying home units off the plan is full of tricks and traps according to Karen Stiles, executive officer of the Owners Corporation Network (OCN), the peak Australian body representing strata unit owners.

“As the NSW $15,000 First Home Owners Grant reinvigorates buyer interest in off the plan units, buyers need to keep their wits about them,” Ms Stiles says.

OCN will present a special half-day seminar on Saturday 27 October to inform prospective buyers of the common traps when buying off the plan.

Ms Stiles experienced the problems first hand when she purchased a unit in Dee Why, Sydney.

“There were a number of ‘features’ in the display unit not included in our apartment,” Ms Stiles said.

“I noticed the display unit showed air conditioning but it was not included in the contract. The salesperson said that’d be OK but I insisted the contract be amended.”

“Apartment living is great, but there are some tricks and traps when buying into a new building, especially one you’re purchasing off the plan,” she said.

“Many first home buyers sink hard earned savings into an apartment based on a glossy brochure, a tarted up display unit, and lots of promises by the salesman. The seminar will tell people what to look out for.”

The seminar, at the Kirribilli Club in Milsons Point, will examine common defects, consumer rights, legal issues and the games some developers play with the Home Owners Warranty

The seminar on Saturday 27 October will focus on buying a new apartment (off the plan or completed). There is a second seminar on Saturday 24 November looking at buying into an older building.

The sessions are each priced at $40 for one or $65 for both. Details and booking at http://www.ocn.org.au