OFF-THE-PLAN

OFF-THE-PLAN

Buying the Future, Today

Buying off-the-plan means committing to a property before it’s built—often seen only through floor plans, renders, and show homes. It’s a popular path for first-home buyers, investors, and downsizers looking for low-maintenance, new-build homes.

At Harcourts Patras & Co in Greenlane, we work with trusted developers and guide buyers through off-the-plan purchases across Auckland. This guide breaks down the process, the pros, and the precautions you need in 2025.

What is Off-the-Plan Buying?

Off-the-plan purchasing involves signing a contract to buy a property that is yet to be constructed or is under construction. Typically, a deposit is paid upfront, and the remaining balance is due once the development is complete.

Key characteristics:

  • You’re buying based on plans, renders, and specifications.

  • Settlement occurs after completion and issuance of title.

  • A long lead time between deposit and possession.

Benefits of Buying Off-the-Plan

Lower Entry Costs

  • You lock in today’s price, even if the property takes 12–24 months to complete.

  • Just a deposit (usually 10%) is needed upfront—ideal for saving while you wait.

Brand-New Home

  • Everything from wiring to appliances is modern and under warranty.

  • Less maintenance and no renovations required in the short term.

Customisation

  • Some developers allow buyers to choose colour schemes, appliances, or upgrade packages.

Capital Gain Potential

  • If the market rises during construction, your property may be worth more at settlement than you paid.

First-Home Buyer Incentives

  • You may be eligible for government grants or exemptions on new builds.

How the Off-the-Plan Process Works

1. Review Development Details

  • Study plans, specs, finish levels, and estimated completion date.

  • Visit the showroom or display suite if available.

2. Secure Finance Pre-Approval

  • Lenders can provide conditional approval, but full approval is only possible closer to completion.

3. Sign a Sale & Purchase Agreement

  • Includes expected settlement date, deposit terms, and clauses for delays or changes.

  • Always reviewed by your solicitor.

4. Pay Deposit

  • Typically 10% is held in trust until settlement.

5. Construction Period

  • May take 12–24 months. Stay in contact with the developer for updates.

6. Completion and Settlement

  • Once the title is issued and CCC (Code Compliance Certificate) is granted, you settle the balance and take possession.

Who Should Consider Off-the-Plan Buying?

  • First-Home Buyers
    Can enter the market with lower upfront costs and time to save.

  • Investors
    Lock in capital gains and enjoy new-build depreciation benefits.

  • Downsizers
    Enjoy modern living, energy efficiency, and low-maintenance convenience.

  • Professionals
    Prefer hassle-free, turnkey properties in growing urban centres.

Key Risks and How to Manage Them

Construction Delays

  • Factor in the possibility of delays due to labour shortages, material issues, or consents.

Market Shifts

  • If the property value drops by completion, your lending position may change.

Finance Approval Issues

  • Lenders won’t offer unconditional approval until completion. Pre-approval now is not a guarantee later.

Developer Solvency

  • If the developer fails financially, your deposit could be at risk—unless protected.

Changes to Specifications

  • The final build may vary slightly from the plans. Understand your rights if specs change.

Tips for a Safe Off-the-Plan Purchase

  • Work with Reputable Developers
    Harcourts Patras & Co only partners with proven builders and developers.

  • Get Legal Advice Early
    A solicitor should review all contracts before you sign.

  • Confirm Deposit Security
    Ensure your deposit is held in a solicitor’s trust account or covered by a bond.

  • Check Sunset Clauses
    This clause allows either party to cancel the contract if the build isn’t completed by a certain date.

  • Understand Your Exit Options
    Can you sell the contract before completion? Discuss assignment rights with your agent or lawyer.

  • Inspect Upon Completion
    Do a pre-settlement inspection to confirm quality matches what was promised.

Why Work with Harcourts Patras & Co (Greenlane)?

  • Trusted Developer Network
    We represent only well-established developers with a proven delivery track record.

  • Local Expertise
    Our Greenlane team knows where the next growth zones are and which new builds are in high demand.

  • Guided Process
    We walk you through every stage—from signing the contract to post-settlement support.

  • Finance & Legal Referrals
    Need help with mortgage strategy or legal review? We’ll connect you with trusted professionals.

Common Misconceptions About Off-the-Plan Buying

  • “It’s cheaper, so it must be lower quality”
    Not necessarily. Many off-the-plan properties use modern materials and comply with current building codes.

  • “There’s no risk”
    Every property purchase has risk—especially when it hasn’t been built yet. Due diligence is key.

  • “It’s only for investors”
    Many first-home buyers successfully purchase new builds off-the-plan and take advantage of incentives.

Conclusion: Is Off-the-Plan Right for You?

Buying off-the-plan can be a smart way to secure your future home—often at a locked-in price, with customisable options and lower maintenance costs. But it also demands foresight, patience, and professional guidance.

At Harcourts Patras & Co, our Greenlane-based team ensures you’re not only buying into a development—but into long-term value, liveability, and peace of mind.

Explore Off-the-Plan Projects

Visit www.patrasandco.nz to browse new-build opportunities and upcoming developments.

Book a free consultation with our off-the-plan specialists today.