why you should consider buying a brand new apartment?
I recently attended Paramount on Parkes, a brand new luxury apartment complex in Parramatta, built by Aland. I was absolutely stunned at the amazing quality of this apartment and strongly recommend buyers consider this in their property purchase.
I often receive questions from buyers as to whether to buy existing or brand new. My personal opinion, is brand new… and here’s why.
Once you pay a deposit, there is nothing else to pay, until the property is ready to take occupation. Generally ‘off the plan’ apartments are conditional upon the sub-division of the land as well as the receipt of a Final Occupation Certificate. This means, you make money while you wait. Sounds great, right?
When you buy an existing dwelling, you typically ‘buy it as you find it’ and often there are problems and repairs required.
FIRST HOME BUYER BENEFIT
For First Home Buyers, there are significant concessions which are available. If you purchase an apartment under $800,000, stamp duty is FREE on the condition that you reside in the property for at least 12 months. In addition, if the property is under $650,000, you can claim a $10,000 grant from the Government. This is known as the First Home Owners Grant.
INVESTOR BENEFIT
A key bonus when buying a brand new property as an Investor is the ability to claim full depreciation on both the ‘plant and equipment’ and the ‘capital gains’. There is a great tax deduction entitlement when owning a brand new property.
BRAND NEW BENEFIT
The greatest luxury is that the apartment is brand new. Defects are covered under warranty and you generally should not require any significant repairs for a long time.
Purchasers have an opportunity to provide a ‘defect list’ within 90 days of settlement and this will allow the Builder to return and rectify any noted defects.
Sounds great right?
Estimated completion for this project is September 2024
If you are interested in one of these stunning apartments, contact Joel Perry at Aland on 0436 060 609.
For more information on this project, see Apartments for Sale in Harris Park | Paramount on Parkes (aland.com.au)
