Here Are Some Great Questions to Ask When Buying off Plan Units

Author
YNM Real Estate
Date
19 December 2021
Category
News

When purchasing a home, there are many questions that you need to ask. Just as there are many questions you would have in your mind while checking out a completed property, you will have some when you are buying off plan units. Here are some common and also necessary questions when buying off plan units.

  • Will your apartment be identical to what is being presented to you right now? Developers or real estate agents would show you plans and graphical representations of what your apartment or off the plan house would look like. You should specifically ask if your unit will actually look like what is being shown or there would be stark differences. There may be variations depending on the finishes, materials and layouts. From kitchens to bathrooms, living rooms to bedrooms, the dimensions may vary. Get the assurance from the developer that you are seeing what you would be getting. Else, ask for another illustration to be presented to you.
  • What is the construction schedule, when would it be completed and when would you pay for the unit? Construction times will always vary. The size of the project, the developer and its manpower along with resources being invested into the project, expected and unexpected surprises along with many external factors will determine the completion time. You are required to pay deposit while booking a unit and the rest when the project is completed and the property or unit is handed over to you. This timeline will assist you in your financial cash flow and planning.
  • Would you get any interest on your deposit through the development phase or if the completion date is breached? Usually, developers do not pass on any interest on the deposit during the phase of construction. In case of delayed completion, some developers may be willing to provide some compensation or concession however, most developers don’t. Get a specific answer from the real estate agent so you know what to expect.
  • What is the registration period or sunset clause for the given project? A sunset clause is mentioned in the contract of sale. This is the maximum time that the developer can take to finish the project.

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