Page 25 - V3 TOGA_CX Presentation

3. ANXIETY OF THE UNKNOWN
I feel the process of buying off-the-plan is risky and ambiguous. Will I get what I am told and sold? Will the reality be the same as the display? Will the developer deliver? My anxiety is heightened by complex contracts, long waiting periods, potential defects, the uncertainty of completion dates and from all that I have no control over.
...I wouldn't have bought off the plan, straight up, I never would have given them any money until it was built, so we bought it as a resale, because it was 80 % built, we could just walk in, take a look, and I was happy to do a deal... I probably would have only done off the plan, conceivably, once the super structure had started to go up, because then I'd be sort of sure that there was enough financing in place to get the thing built, and not have to fight with anyone over cancelling a contract.”
“I mean, from the beginning with the agent when we purchased it, we were given the booklets with the colours and all the different things, but it's just almost part of it is a bit of guessing, it was just what's it going look like when it's finished, because you don't ever really have the complete visual of an apartment, you can only guess what it would look like.”
“Pretty scary, because you're like, what if it doesn't look the way you've shown in pictures. There's always those things or you hear on the news that some developers are going under. It was a bit scary. Yeah, that was the biggest issue, I think just not knowing ..just signing a contract and not seeing what you're going to do. But it was exciting too, because it was something new and you feel like it's rewarding too, because I've heard of all these people have been so happy, who purchased off the plan and then moving in, it's all new. Yeah, it's nice.”
“My experience was this was it. It was just okay, so my concerns were that the plans can change and they never change for the better. You know if they're going to change, they're going to cut size, quality and cut corners. They're going to squeeze you on your car spaces. They're going to eliminate certain features. They never upgrade you on off the plan. Oh, sorry, we've got to change the plan, you've now got an extra 20 square meters. Never.”
“The good thing is, is that we could physically go past the project and see what was going on and how long. We saw them painting and pinching it off. “...” oh my God, what if it's not finished in time, what if it gets delayed, what about the loan? The loan is the biggest issue, I think for us, because of the amount of money we're borrowing.”
“Of course, it's always said quite a bit that buying and selling and moving is one of the great stresses in life, where that's very true but we then had to sell our place which was stressful. “...” Actually they pushed us back two weeks, that we could move in, I'd set up my removalists we had to stay with my mum and dad another two weeks.”
And I thought, "I know Balmain. It's a risk, because it's off the plain and you can't see it, but it's Balmain, it looks like it's going to be really nice. The worst that could happen is I've got to sell it. And if I sell it and don't make any money, oh, well. If I got my money back, that would be okay."
Commercial in confidence
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