Before lending money to a developer for the construction of an apartment block (for example), the lenders normally require the developer to have sold a certain percentage of the properties to future buyers. When you buy one of these properties, you are “buying off the plan”.
There are several benefits of buying off the plan. A key advantage is that you can buy a property at today’s prices, and pay the balance of the purchase price at a later date (sometimes up to 4 years in the future).
There are however, many pitfalls when buying off the plan. Some of these relate to the finance, and others to issues that could arise with the developers. Intelligent Finance has arranged finance for many off the plan properties, so by using an Intelligent Finance broker to arrange your purchase you benefit from our experience in knowing what to look out for – helping to ensure that these problems do not arise.