The idea of being able to buy a property before it has been built comes with a raft of advantages and disadvantages.

It’s hard to overlook the fact that you’re buying something that doesn’t even exist yet. But the financial advantages to buying off the plan can be undeniable - you can put your deposit down now and not have to pay the balance until the property is built. This gives you a chunk of time to earn capital gains, while the development is being completed. If the market is rising, your purchase can be worth more than the price paid by the time construction is complete and settlement day arrives. You may be able to realise a substantial capital gain, just days after settlement, having only invested your deposit. If the market falls however your losses can be huge when it comes time to sell.

It’s certainly a risk to commit to something you can’t be sure will meet your expectations. Personal values and taste will come into your decision too, with many people not wanting a ‘2nd hand home’, while others baulk at the lack of character and personality in modern developments. But in an increasingly affluent world, the lust for a higher-end lifestyle is real. Are you driven by the desire for a push button life with all the modern conveniences like secure parking and in-house gyms at your fingertips? Will your off the plan choice result in an exquisite attention to every detail, or a poor-quality result, banged together in pursuit of quick bucks for the developer? It’s crucial that you do your research and understand your true motivations to buy off the plan.