Off-plan property purchases are agreements made before a building or development is completed. Buyers commit based on plans, digital models, and sample units. These types of purchases are found in growing property markets.

While many people consider them for future value or design, there are a few details worth paying attention to before buying off the plan property for sale.

Research the developer’s background:

Checking the developer’s previous projects gives insight into their track record. It is helpful to look into how past developments were delivered in terms of timeline and final result. Delays or changes in design in earlier work might indicate possible outcomes for the new project.

Understand the payment plan:

Off-plan properties usually follow a staged payment plan. This breaks down the total price into instalments linked to construction milestones. Reviewing each phase of the plan helps avoid confusion. It’s also helpful to confirm if there are any penalties for early or late payments.

Know the Contract Terms:

Contracts for off-plan properties vary between developers. It’s useful to read through them carefully to understand what is included. Pay attention to the projected handover date, conditions for possible design adjustments, and how any disputes are handled. Clauses related to cancellation and refund policies should also be noted.

Location and future development:

Off-plan projects are sometimes launched in new or expanding areas. The surroundings may still be under construction during purchase. Reviewing any future development plans nearby gives a better idea of what to expect in the coming years in terms of infrastructure or public services.

Expected service charges and fees:

New developments sometimes carry higher service charges for shared amenities or maintenance. These extra costs may impact the overall budget. It’s better to request a breakdown of such charges in advance, so the full picture is available.

Completion risks and delays:

Construction schedules may shift due to various reasons. Buyers should stay informed about the estimated timeline while also preparing for changes. Some contracts include a grace period, giving the developer extra time to finish the project beyond the stated handover date.

Bank financing and valuation:

Not all banks finance off-plan purchases. It’s useful to check with financial institutions in advance to confirm their terms. Also, final property value upon completion might differ from initial estimates. This can affect the amount that banks are willing to lend, especially if prices fluctuate during the construction phase.