Buying a retirement village unit ‘off the plan’

November 29, 2018


There’s some advantages to buying your new home ‘off the plan’…

Sometimes retirement village units or apartments are advertised for sale ‘off the plan’; this simply means that they’re being offered for sale before construction has been completed. There are definitely some advantages to buying off the plan. One of the main benefits is financial; since off the plan properties tend to be priced in line with current values, you’ll often pay less than if you waited for up to a year or more until construction is completed. You can also secure the property with a low initial outlay (a deposit) without needing to pay the balance until the home is ready for you to move in. This gives you plenty of time to sell your current home if you need to, or to organise the most appropriate finance. If you are selling, the operator of the village you’re moving into should be able to help you work out the best timing for a smooth transition. 

Other advantages include having greater choice of what home or apartment to buy within the development, and potentially being able to specify certain design requirements and finishes. There is also no stamp duty to pay on retirement village properties.

When talking to a village operator, make sure you:

  • Visit some of the operator’s other properties to see how well they’re managed and maintained, and the standard of services they offer
  • Check out the builder to ensure they have a good track record and, if possible, visit the development during construction
  • Visit the display suite to view the quality of finishes and fittings
  • Understand what facilities and services will be available
  • Don’t rush, and make sure that you have obtained appropriate legal and financial advice.