Buying Off The Plan

Buying 'Off The Plan'

Weighing the Pros and Cons

Buying a property “off the plan” means purchasing a property that has not yet been built. This option appeals to first-time homebuyers and those seeking flexibility in design and pricing. However, it’s crucial to understand the advantages and disadvantages of buying off the plan.

Pros

Flexibility: Customise floor plans and colour schemes to suit your preferences.
Potential for capital growth: Property value may increase during construction.
Lower upfront costs: Typically, a deposit is required, with the balance paid upon completion.
Time to plan: Use the construction period to organise finances and prepare for move-in.

Cons

Risk of delays: Construction may take longer than expected, impacting move-in dates.
Sunset Date: Has this been considered in the Contract – and if so, how does this affect you?
Changes to design or pricing: Developers may make changes, potentially affecting your investment.
Quality concerns: Final product may not meet expectations, leading to disputes.
Market fluctuations: Market conditions may change, impacting property value.

What to Expect when you engage Conveyancing By
Noon for your “Off The Plan” purchase:

Contract and deposit

A complimentary review of the Contract and Form 1 to help you navigate the complexities of an “off the plan” purchase. Once satisfied, your deposit is due two clear business days following the signing of the Contract of Sale, or being served the Form 1 (whichever the latter).

Regular updates

Conveyancing by Noon will liaise on your behalf with the Developers to ensure you are advised of the progress of your purchase and if the timelines are on track with the contractual obligations.

Inspections and defects

Conveyancing By Noon will recommend conducting inspections and report any defects or issues to the Developer.

Construction and Settlement

Wait for construction to complete, then finalise payment and take possession.

Get in Touch

All in all, buying off the plan can be a great option for those seeking flexibility and potential capital growth. However, it’s essential to carefully consider the pros and cons, understand the contract terms, and stay informed throughout the process to ensure a successful outcome – Conveyancing By Noon will help simplify this complex process for you, ensuring your legal rights and expectations are at the forefront of the transaction.