28 October 2009
Off plan property purchases 'may be risky'
Because of the uncertainty of the current economic climate, it may be risky to buy properties off plan.
This is according to Helen Adams, managing director of FirstRungNow.com - which was set up in 2003 to help first-time buyers get on to the property market.
She pointed out that there may be little protection for home purchasers who opt to put money forward for homes before they are built.
Ms Adams said: "At the moment it is a pretty big risk because lots of companies are going to the wall."
While it may have been advantageous to "get in early" in the past, there is currently a greater chance that something will go wrong, she added.
The expert revealed that she would "think twice" before committing funds to an off plan home during the ongoing economic problems.
She concluded by suggesting that the risks of this way of getting a home can be minimised by selecting a big, reputable firm that is secure.