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Buying off the plan

Has anyone had problems for people buying real estate sight unseen?

One problem we’ve heard about with buying off the plan is the fluctuating costs of building. When prices go up, some developers may look for ways to cut corners.

See @JemmaCastle’s article for more info and some tips for buying off the plan that can help mitigate the risk.

I have heard of both good, bad, and horror experiences.

A few issues to consider:
Have you been to the site? Does the building fit into to the locale? What is local amenity like?
Have you looked into the surrounding area for Development Applications?
Will the purchase be over-shadowed, have views, or have no privacy at all?
Will the building actually be completed?
When will it be completed? Can you cope with time blow outs?
What will the value of your purchase be when completed? Will values have gone up or down?
Will the final fit-out be what you imagined, or was portrayed to you?

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This topic seems a good place to resurrect horror stories buying off the plan. Today’s edition is

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Another bad outcome for off the plan buyers who won but probably lost anyway.