Off the plan property checks that deserve attention before signing

Buying off the plan can make a new home feel achievable, but the decision needs more than an attractive brochure or display apartment. Before signing, buyers should understand what is being promised, when the property may be completed and which costs can change along the way.

The first check is the contract. Read the inclusions, settlement conditions, sunset clauses, variation rights and any assumptions about finishes or appliances. A plan may show a particular layout, but the final result can depend on the contract wording and approved specifications. Buyers should obtain independent legal and financial advice for their own circumstances.

Timing also matters. Construction, approvals and settlement may not follow the original estimate. A changing completion date can affect rent, temporary accommodation, loan approval and the sale of an existing home. Keep a realistic cash buffer and confirm how long a lender's approval remains valid.

For apartments and some townhouse developments, examine strata information and the likely ongoing costs. Ask about levies, insurance, maintenance responsibilities, building management and any planned works. A lower purchase price does not necessarily mean lower ownership costs.

It is also worth looking beyond the display suite. Visit the surrounding area at different times, check transport and local services, consider sunlight and ventilation, and compare the development with established homes nearby. Local evidence can help separate a useful new-home opportunity from a purchase that only looks compelling in a marketing image.

Practical checks before signing

• Have the contract and inclusions reviewed independently.
• Allow for timing changes, holding costs and possible finance reassessment.
• Compare strata, maintenance and insurance costs with the purchase price.
• Inspect the neighbourhood and compare completed local properties.

Off-the-plan property can suit some buyers, but careful checking helps keep the decision grounded in the finished home, the surrounding area and the full cost of ownership.

Sources

• NSW Government: Buying and selling property
• NSW Government: Strata