What are the advantages of buying 'off the plans'?
Although you need vision to visualise the finished product and everything that goes inside when buying off the plans (as there’s no physical property to view before construction takes place), it can pay off. Here’s why:
You will only require 10% deposit for new builds as opposed to 20% deposit for all other properties in accordance to the banks loan to value ratio
Typically, buying off the plans is cheaper than those that have already been built
By the time the home has been built, the area may have risen in value
By selecting an apartment, terrace or townhouse early in the process, you can often choose the best one, well-located in the complex with the best views for better value because prices tend to start climbing as construction nears completion. You also often get to have a say on design and the final finishes.
When the apartment is complete, you get to live in a brand new home complete with landscaping and final finishes.
Before signing, have your lawyer look over and approve the sale and purchase agreement (as these are not usually standard contracts) and research the developer’s and builder’s track record and credentials.