Some properties are offered for sale before they are even built. It's called buying off the plan, and while there are some benefits, it's important to know exactly what you're getting.
The rules of sale can vary depending on the developer, so make sure you are fully across what you are signing up for beforehand. Here are a few tips to follow.
1. Review the contract very carefully
Some developers are able to change the design without your approval or charge more if the construction costs vary.
2. Check the Insurance
Make sure the developer has the appropriate certificate of insurance. This will protect you against non-completion of work and breach of statutory warranties relating to the building.
3. Be warned
When a contract of sale is completed and settled, you have no legal right to cancel - even if the builder has broken the law and not provided the relevant insurance.
4. Check the price tag
As with any property purchase, the price tag is critical. So make sure the price you are paying warrants the risk you’re taking by handing over money up front.
It's also important to remember that prices rise AND Fall and your property may not be completed for a number of years.