Buying off-the-plan is the term used to describe when you enter
into a contract to acquire property prior to completion of
construction of the dwelling and/or registration of the plan of
subdivision.
As the property is not complete at the time that you enter into
the contract and pay a deposit, there are further risks associated
with purchasing off-the plan. Some of the key considerations are as
follows:
Builder & Developer:Carry out your due
diligence by researching the builder and developer's
reputation. If possible view some of their recent and older
developments and talk to other purchasers about their
experience.
Price: Research the market and or obtain expert
advice to make sure you are not over paying for the property. . Try
not to be persuaded by or sold on the quality of appliances and
finishes and rather give greater weight to factors such as location
and size.
