Buying property off the plan has never been as popular as it is now, with purchasers of all ages responding to much more sophisticated ways of marketing and delivering the product. However, you are buying a property where the finished product may be different from your expectations, and you should take some cautionary steps.
Before you start
- Check your financial position, now and for the future
- Look at the average apartment prices in the area
- Research the track record of the project team – architect, builder and sales team
- Lastly, but most importantly, research the track record of the developer.
What we can do for you
At JFM Property Lawyers, we take special note and advise you of:
- The completion date.
- Whether there is a sunset clause where either the developer or the buyer can cancel the contract if the building is not completed at a set date.
- If there are penalties should you withdraw from the contract.
- If you can visit the site during construction.
- If you can make changes to finishes and fixtures.
We also make our clients aware of the Benefits to buying off the plan, with reference to the property you have chosen. There can also be a downside and you should look at our list of Risks involved in buying off the plan.