Buying off-plan: what to check before you pay a deposit
Off-plan homes cost less and let you pay as the building rises. Here is what to confirm before any money changes hands.
The Akristal Group (TAG), , 1 min read
Buying off-plan means agreeing to buy a home before it is finished, often before the foundations are poured. The price is usually lower than for the finished home, and the payments are spread across the build. In return, you take on the risk that the project is late or changes. These checks keep that risk small.
The land and the permits
Ask to see proof that the developer owns the land or has the right to build on it, and the building permit for the project. The names and plot numbers on those documents should match the sale agreement you are asked to sign.
The developer's record
Visit a project the developer has already finished. Look at the quality of the finishes, talk to people who live there, and ask whether the homes were handed over on the date promised.
The agreement
Read the sale agreement before you pay anything. It should state:
- the exact unit, its size and its floor plan
- the total price and what it includes
- the payment schedule and what each payment is linked to
- the expected completion date, and what happens if it is missed
- when and how the title passes to you
Payments tied to progress
The safest schedules link each payment to a visible stage of the build: the foundation, the frame, the roof, the finishes. Ask for progress photos or a site visit before each instalment.
Ask for everything in writing
A show flat, a brochure or a conversation is not a promise. If a finish, a view or a parking space matters to you, make sure it is written into the agreement.
