When considering purchasing a property “off plan” there are many issues to consider and here are just some.
–> Buying off-the-plan can be a savvy move particularly if the property market is on the rise, as it is now. You only need to put down a deposit to secure “today’s price’’, it doesn’t matter if the market value has jumped by settlement time, you don’t have to pay more
–> You have more time to save (particularly if construction hasn’t started yet) so you won’t need to borrow as much.
–> You have longer to shop around for the mortgage that suits you best.
–> It can be more affordable. If you buy very early in the process developers are often keen to secure sales for the project to go ahead.
–> You can’t move in immediately, you may have to wait a couple of years for it to be built.
–> It may not go ahead. Some developments don’t go ahead. You could spend years for that decision to be made and have your deposit and future living plans tied up.
–> Your situation could change and you are still financially obliged to settle. What if you lose your job, have a child, marry or divorce, will that change your needs?