Off The Plan

What is off the plan?

Buying ‘off the plan’ refers to purchasing a property before it's built or completed. Essentially, you're buying based on the plans and specifications provided by the developer before seeing the finished product. 

Advantage of buying ‘off the plan’ properties 

Buying ‘off the plan’ allows you to lock in a purchase price before the property is built, which could be lower than its value when it's completed. 

This means you might pay less for the property compared to what it could be worth in the future. Additionally, you typically only need to offer a small deposit (typically 10%), making it easier to secure the property. 

Risks in buying off the plan 

While buying off the plan could allow you to buy a property at a lower valuation compared to when it’s completed, there are still some inherent risks. 

Ever changing market conditions means that appreciation of the property is not always guaranteed from the point of construction to completion. Other risks include the uncertainty of the finished product matching your expectations and potential delays in construction.