Consumer News

Should you buy off the plan?

5 December 2017

By Tim McKibbin- REINSW CEO

Many property buyers choose to buy a home ‘off the plan’, which is when you sign a contract for a property that is yet to be built. This method brings benefits, but has some risks.

The benefits are that you’re buying a brand-new property. The risk is that you’re paying a deposit to buy a property that only exists in architectural drawings, and you cannot physically inspect it until it’s built.

It is therefore it critical that you do your homework before you buy. As part of your research locate a list of properties that the same developer has completed so you can assess the workmanship.

It is also important to fully understand the "Schedule of Finishes" document attached to the contract. This document sets out and describes the fixtures and fittings that will come with your dwelling.