BUYING A HOME OR INVESTMENT OFF THE PLAN IS A GREAT WAY TO SECURE YOUR FUTURE AND GET A BRAND NEW PRODUCT. IN A RISING MARKET AND WHERE THE COST OF THE BUILDING IS INCREASING SECURING TODAY'S PRICES CAN BE A REAL ADVANTAGE.
1. WHO IS THE DEVELOPER?
It is important to know who the developers are and what their track record has involved. Who are the contractors and do you know their track record?
2. WHATS THE PLAN?
Check what the process is for the development going forward in terms of resource consent and expected time frames.
The great thing about buying off the plan is you can secure a new home - the deposit is generally 10%. You will want to check the deposit is being held in a third party's trust account (such as a lawyer's trust account).
Knowing the products for the development both external and internal are very important - if you can't visit a showroom or show house ensure detailed plans are provided.