Golden rules for buying off plan
1.) Adopt an attitude of healthy scepticism towards off the plan property marketers.
2.) Invest in prime locations and never buy off the plan unless you have inspected the site.
3.) Carefully check the credentials of all the involved parties – the developer, the contractor, the management company, the financiers, etc.
4.) Research the market. Find out the amount of money that a similar property would sell or rent out for. Never rely on the developer for this information.
5.) Ask experienced professionals for advice.
6.) Study the contract closely. If you plan to flip the house, watch out for restrictions on sales. Insist that the developer must advise you in case of any changes to the plan.
7.) Ask for an on-site inspection. If the developer has not started work, ask for a visit to their other developments.