Off the plan

Our financial planner has consistently advised us against buying a home off the plan. This term means purchasing a new house before it is constructed. We would acquire a property based on its designs, plans, and specifications and would need to pay a deposit, with the balance due upon completion. Our financial planner believes that many off-the-plan homes are overpriced for their locations, and by the time we move in, the property might be worth less than what we originally paid or may not meet our expectations.

However, some of the homes we have been looking for in the area we like are yet to be built, and one option may be for us to buy off the plan. My wife and I are trying to avoid buying a home that requires work, so the prospect tempts me, as we will end up with a new house rather than purchasing an established home that may have underlying issues. If we go down the path of buying off the plan, we need to be very careful about what we buy. And I would be unlikely to proceed unless I ran it by my financial advisor to see what he thinks.