Buying property off the plan is exciting as it means you get to own a brand-new home, but make sure you know what’s involved. Start by asking these five questions: Do you know the risks? When buying an apartment, unit or house off the plan, you’re purchasing a promise. You can’t step into the future and inspect the property you’re buying. Thoroughly investigate what the finished product will look like and explore the risks with your broker. Does your contract limit the risks? The contract should be comprehensive, covering everything from price, completion date and your legal rights, to conditions such as whether you can on-sell the property before it’s completed • what happens to your deposit if the building doesn’t go ahead •
