Off the Plan

The Property practice area in New Zealand focuses on all things related to buying, selling, and managing land and buildings. One important part of this area is called "Off the Plan." This means buying a property before it is built or finished.

What Does "Off the Plan" Mean?

When you buy a property "off the plan," you are purchasing it based on drawings and plans provided by the developer. For example, if a new apartment building is being built, you might buy an apartment before any bricks are laid. You will usually see pictures and plans that show what the finished building will look like.

Why Choose to Buy Off the Plan?

There are several reasons why people choose to buy off the plan:

• Potential for Capital Growth: If the area becomes more popular, the value of your property may increase before it is even built.
• Customisation: Sometimes, you can choose certain features or finishes for your new home, making it more personal.
• Less Competition: Buying early can mean less competition compared to buying a completed property.

What to Consider

While buying off the plan can be exciting, it is important to think carefully. Here are some things to consider:

• Developer's Reputation: Make sure the developer has a good track record of completing projects on time and to a high standard.
• Contracts: Understand the contract you are signing. It will outline what happens if the project is delayed or if changes are made.
• Financing: Speak to your bank or mortgage advisor about how to finance your purchase, as it may differ from buying an existing property.

Legal Support

Having a lawyer who understands property law in New Zealand is very important when buying off the plan. They can help you understand the contract, check the developer's background, and ensure that your rights are protected. This way, you can feel confident in your investment.

Buying a property off the plan can be a great opportunity, but it is essential to do your homework. With the right support and knowledge, you can make a smart decision that suits your needs.