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New Build Nightmares: What Property Developers Don't Tell You
Manage episode 487141149 series 3603762
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"Should you buy a house that doesn't exist yet?" That's the question at the heart of our deep dive into the glittery but sometimes treacherous world of off-plan property purchases.
Forget what you've seen in the glossy brochures—buying off the plans isn't just about picking finishes and waiting for the keys. It's a financial commitment with unique risks that can catch even savvy buyers off-guard. We explore the hidden traps lurking in developer contracts, like the notorious "sunset clause" that lets developers cancel your contract if property values rise, potentially leaving you in the cold after months of waiting.
Through the real-world story of Dan and Priya, we reveal how a seemingly straightforward townhouse purchase in Lower Hutt became a nail-biting ordeal when their completed property was valued at $45,000 less than the contract price. Their scramble to cover the shortfall or lose both their home and deposit highlights why off-plan purchases require vigilance and solid backup plans.
But it's not all doom and gloom. We also unpack the genuine benefits that make new builds attractive—lower deposit requirements, potential capital gain during construction, and the joy of a brand-new, low-maintenance home built to modern standards. The key is approaching these opportunities with eyes wide open.
Armed with practical tips on researching developers, understanding finance timeframes, and protecting yourself legally, you'll finish this episode knowing exactly how to tell whether an off-plan purchase is your dream opportunity or a potential disaster waiting to happen. Your dream home shouldn't come with nightmare clauses—let's make sure it doesn't.
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Chapters
1. New Build Nightmares: What Property Developers Don't Tell You (00:00:00)
2. Buying Off the Plans: Dream or Disaster? (00:00:20)
3. What Does Buying Off Plans Mean? (00:01:14)
4. Pitfalls You Can't Afford to Ignore (00:01:39)
5. Tips for Successful Off-Plan Purchases (00:03:31)
6. Final Thoughts and Call to Action (00:05:41)
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