Off the Plan

'Off the Plan' is used to describe the purchase of a property before it is fully constructed; i.e. during the planning stage. Typically, only a 10% deposit is required and regular payment can start after you move in. This allows buyers to secure future property at the present rates, avoiding potential price increases. However, buying off the plan is considered a risky procedure since you cannot inspect the property or estimate the total cost of your purchase. There is also no guarantee that the project will be completed as planned.