Buying off the plan can be a great purchase, but also a tricky one.

Firstly, buying a property off the plan means you purchase a property before it’s built. You decide on the property based on plans presented to you, hence the name. There are many rules that protect the purchaser, such as when the property needs to be completed by and the property needs to be built with little or no changes to how it was originally sold off the plan.

Usually, the build process for a property could take up to 24 months. This is risky for anybody considering buying a property off the plan, as your financial situation could change many times by the time the property has been built. A loan approval expires after 3 months. You can only apply for a loan within 3 months of the completion date of the property. This means you will need to ensure your financial situation remains in a position to be able to obtain a loan in the future.

Here are 3 tips to consider when purchasing a property off the plan