Buying a property “off the plan” means purchasing a property before it is built or completed, based on the developer’s plans, designs, and specifications. Instead of viewing a completed home, buyers rely on architectural drawings, floor plans, renderings, and sometimes display units to understand what the property will look like upon completion.

Key Features of Buying Off the Plan:

1. Pre-Construction Purchase: Buyers commit to purchasing the property during its planning or construction phase.

2. Deposit Requirement: Typically, a deposit (often 10-20% of the purchase price) is required upfront, with the balance due upon completion of construction.

3. Price Lock-In: The purchase price is agreed upon at the time of signing the contract, which can be beneficial if property values rise during construction.

4. Time for Financial Planning: Buyers have time to arrange financing, as final payments are not due until the property is completed.

5. Customization Options: Depending on the stage of development, buyers may have the opportunity to choose finishes, appliances, or layouts.

Pros:

• Potential capital growth if property values increase before construction is finished.

• New construction often comes with warranties (e.g., structural guarantee).

• Modern features and energy-efficient designs.

• Lower upfront costs compared to buying a completed home.

Cons:

• Risk of delays in construction or the project not proceeding as planned.

• The finished property might differ slightly from plans or expectations.

• Market fluctuations could mean the property is worth less upon completion.

• Limited ability to physically inspect the property before purchase.

It’s essential to review the developer’s reputation, contract terms, and any guarantees or protections before buying off the plan.