Buying New or Off-Plan? Your Guide to Managing the Risks

Are you considering buying new or off-plan? This episode is your
ultimate guide to managing the risks.


First home buyers face numerous decisions, and one of the most
critical is choosing between new or established properties.
Today, we dive deep into the good, the bad, and the ugly with our
special guest, Cate Bakos, who has written the ultimate guide to
the risks of buying brand new or off-plan properties.


Cate helps us understand the complexities of buying new or
off-the-plan properties and talks about the importance of
understanding terms like "sunset clauses", understanding the
differences between titled and untitled properties, and many
more.


So whether you're enticed by the sleek marketing of new
developments or the potential savings in stamp duty, it's
essential to be aware of the hidden risks and ensure you're
making the best choice for your financial future. Tune in and
let’s get started!


Episode Highlights:


00:00 - Introduction


02:11 - Meighan’s special house of the week


03:25 - Who is Cate Bakos?


05:36 - Understanding Off-Plan


09:49 - Risks and uncertainties associated with buying property
off-the-plan


13:01 - Reasons why first home buyers choose to buy off-the-plan


17:22 - The risks of underperformance for properties off-the-plan


19:01 - What first home buyers should know about the costs of
off-the-plan properties?


23:36 - Deceptive practices in off-the-plan sales of apartments
and large subdivisions


29:11 - What issues might buyers face with variations in
off-the-plan property contracts?


35:06 - Key factors to consider when researching developers for
off-the-plan purchases


40:11 - There’s no negotiation on off-the-plan properties


43:07 - Additional reasons why off-the-plan properties are not
the best choice


46:57 - A few advantages of buying off-the-plan


49:38 - What Cate Bakos wishes she knew as a first home buyer


About Our Guest:


Cate Bakos, with a Chemistry degree from Monash
University, transitioned from a successful career in sales and
marketing with Orica to becoming an award-winning real estate
professional. After purchasing her first property at 21, she
moved into Melbourne’s Bayside property market, later founding
Cate Bakos Property in 2014. Cate has guided over 2,000 clients
through property purchases and strategies, leveraging her
expertise in lending policy and cashflow analysis. A regular
media commentator, Cate co-hosts “The Property Trio” podcast and
authored “Successful Property Investment.” She served as REBAA
President from 2019 to 2023 and continues to mentor young
industry professionals.


Connect with Cate Bakos:


Website https://www.catebakos.com.au/

LinkedIn https://www.linkedin.com/in/catherinebakos/

Instagram https://www.instagram.com/cate_bakos_property/



Resources:



FREE MINI COURSE: How to price property like a
professional https://www.homebuyeracademy.com.au/freecourse

Meet our recommended mortgage brokers at Home Buyer Academy
https://homebuyeracademy.com.au/brokers

Visit our website https://www.homebuyeracademy.com.au/

Join our Facebook Group to get access to free monthly live
Q&A sessions


https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia

Learn how to buy property without making a mistake with our
ultimate 10-step online course for first time home buyers
https://homebuyeracademy.com.au/YFHBG

If you have any questions or would like to be featured on our
show, contact us at: Your First Home Buyer Guide Podcast
support@homebuyeracademy.com.au

Looking for a Sydney Buyers Agent?
https://www.gooddeeds.com.au

Work with Veronica: https://www.veronicamorgan.com.au

Looking for a Brisbane Buyers Agent?
https://www.propertypursuit.com.au/

Work with Meighan: https://www.linkedin.com/in/meighanwells/



If you enjoyed today’s podcast, don’t forget to subscribe, rate,
and share the show! There’s more to come, so we hope to have you
along with us on this journey!


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