Considering buying-Off-Plan (Plot and Plan) - This is an appealing option for buyers who want a new home.

Few advantages of Plot and Plan

Usually only 10 percent deposit is payable. Buyer’s responsibility towards bond repayments delayed for 18-24 months. In that period the value of the investment can grow substantially. Transfer duty only be payable on purchase amount of the plot and not the building agreement amount.

Few disadvantages of buying Plot and Plan

Buyers have difficulty in visualising the size and exact interior layout of the property. Buyers do not know how close exactly properties are to one another neither the quality of the workmanship and finishes. Read the contract to ensure that strict guarantees are in place and that the developers cannot change the layout once they start building. There is not always a fixed date for completion and there are usually delays in completion by factors of bad weather, municipal approvals or developer running in financial difficulty. Check the credentials and the track record of the builder and developer and if possible previous developments they have been involved in.