I am a first home buyer trying to find an affordable (if that word even applies to the current housing prices) home in Melbourne west suburb. Recently I have come across a new development in the area I would like to move into. However, after further investigation, I discovered that the prices of the off-the-plan units are higher than I expected (about 50-100K higher than what the median prices area in the same suburb). My questions are:
- How do you determine the value of off-the plan (OTP) units?
- what are the advantages/ disadvantages of buying an OTP house?
- Have you guys had any luck negotiating prices for OTP units? If so, how did you do it?
- If you have bought an OTP house, what was your experience? Was the finished house what you had in mind when you signed the contract?
TIA for your time!