Whether you are purchasing a residential property or a commercial property “Off The Plan (OTP)” and have a Pre-approval from a lending institution, you face the challenge of higher loan payments than were previously indicated at Pre-Approval stage. Also, there is the possibility that the completed property would not be worth what you paid for. This could then lead to the original assessment by the lender who may not lend the original Pre-Approved amount after completion.

“Off the Plan” purchasers could also face construction delays due to shortage of building materials and tradespeople, which would result in some developers having to push harder to a complete, resulting in cutting corners which may affect quality control and integrity.

Beware of being caught up in a possible “bidding war” to secure the property. It is paramount that you engage the services of a Solicitor or Conveyancer to carefully peruse the contract prior to placing an “Offer” or signing. You may need to see if your legal representative will accept a financial retainer for reviewing any property contracts that you’re investigating to ensure the right property is secured. Flakus & Associates are well placed and will be pleased to assist in this regard.

Employ an old adage, Caveat Emptor – “Let the buyer beware”