Buying real estate requires a sizeable investment no matter where you are buying and so it can be a very daunting process at the best of times. Buying off the plan is no exception and can sometimes be even more stressful. Perhaps this isn’t the case at the beginning of the process, when you are looking at those impressive glossy promotional brochures, or even at the time of signing the contract, when you are contemplating taking ownership of something brand new and beautiful. As you get closer to settlement however, the nerves can set in and buyer’s remorse can take hold in some cases. Our experience has been however the if you do your homework this is less likely to occur.
Assuming you take the plunge, keep in contact with the developer and keep your financier informed as to how the development is progressing. Often the developer/seller is only required to give you two weeks’ notice calling for settlement and this can create a mad rush to the finish line, therefore preempt this notice by staying on top of how things are going and letting your bank know.