What is buying ‘off-the-plan’?

Buying off the plan

Sometimes strata units or retirement village homes are advertised for sale before the building has been constructed. The design of the building and sketches of its final appearance may be included in advertising material well before occupation is possible. Buying a property under these circumstances is commonly known as buying ‘off the plan’.

There are a number of issues to be aware of when buying off the plan because you are entering into a contract to buy a property without having first been able to view and assess the finished product.