In the past, buying off-plan was quite a gamble, but not anymore! The majority of constructions nowadays are mortgaged at outset by one of the major banks, this means that the investor can rest assured that completion of the property is guaranteed and he also has the opportunity to take on the mortgage on the finished property.

Buying off-plan straight from the constructors enables the investor to choose the property which best suits his personal needs from the range available. The earlier you invest, the greater the selection and the lower the price. As you enjoy much lower pre-construction prices your investment actually increases over the construction period, meaning that on completion the property is already worth more than the price originally paid.

Past investors have found their investment to almost double over the construction period. In this respect the investor cannot lose; in fact he will gain three-fold: firstly, by taking advantage of the capital appreciation on the property by selling it on, or even before completion; secondly, by renting the property to the growing holiday/residential market or, thirdly, just by enjoying his property and thinking that he has probably paid less than his neighbours.

However, while many homeowners are satisfied with the final outcome, you should be aware that there is always the risk the developer will run into hard times and the building will not be completed.

To cover this risk, builders are required to take out a special bank guarantee that will compensate investors should things go wrong. Before investing in any not-yet-completed project, check on this guarantee and consult with representatives of the bank that is standing behind it.

Once you’re sure the project is properly guaranteed, your main concern will be the payment schedule. Usually you’re required to make a down payment with subsequent payments due as the project progresses. For instance, in addition to the down payment, you might be required to pay 25 per cent of the remainder when the basic structure is completed, 25 per cent more when the floors and some interior work have been finished and so on.

Finally, your lawyer will help you to ensure the contract you sign is in your best interest, containing a clause that ensures you receive compensation if work is delayed. This is an excellent way to encourage your builder to keep the project on schedule and hand over the keys on - or at least near - the date promised.