Off Plan Financial Schedule Example
An off-plan financial schedule is a crucial part of investing in property before it’s built. It helps manage the financial aspects of buying a property that is still in development. Here’s a breakdown of what you might find in such a schedule and how it works:
Initial Deposit
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What It Is: This is the upfront payment you make to secure the property. It’s usually a small percentage of the purchase price.
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When It’s Due: Typically at the time of signing the purchase agreement.
Completion Payment
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What It Is: The final payment due upon the completion of the property. This is when the property is finished and ready for handover.
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When It’s Due: At the completion or near the handover date.
Stage Payments
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What They Are: Payments made at various stages of the construction process. These are pre-agreed upon and are tied to specific milestones (e.g., completion of foundations, roofing, or interior work).
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When They’re Due: According to the construction timeline outlined in your contract.
Additional Costs
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What They Are: These can include legal fees, stamp duty, and any additional charges that might arise during the process (e.g., changes in specifications).
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When They’re Due: These costs are typically due at various points, such as at the signing of the contract, during the construction phase, or at completion.
Below is an example of a deal recently done and what your financial schedule may look like.
