Buying off the plan
Buying off the plan means signing a contract to purchase a house or apartment that is yet to be built. You can view the design and building plans but there is no physical property to see or inspect.
As you can’t physically walk through what you’re buying it’s important to do your research about the developer, understand the timeframes and get independent legal advice before you sign the contract.
It seems logical that if you were to sign a contract to purchase a property that was for sale at today’s prices, it should be worth more when construction is finished in a few years’ time. While this is generally the case, real estate prices are not always a certainty.
For first home buyers, buying off the plan can provide you with more time to get your finances in order while the property is being constructed, and can often provide easy and convenient payment terms.