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Beware pitfalls of purchasing a home off-plan

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Buyers purchasing a home off-plan should buy only from reputable developers who have track records of producing quality homes in similar projects, says Berry Everitt, CEO of Chas Everitt International.

They should also ensure they know exactly what they are buying in terms of floor space and finishes and that these details are clearly written into their sales agreements.

“It is not uncommon for developers to create a show unit to help buyers imagine what their home will look like once it is finished but you need to double-check that yours will be the same size and not smaller.”

Buyers should also ensure that all the finishes on show – such as the floor and wall tiles, granite kitchen counters and built-in cupboards – are included in the advertised sale price, Everitt says.

He adds that getting a home loan from the developer’s lender can help buyers get preferential interest rates and reductions in bond registration costs.

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