A lot can happen in 2+ years!

I just wanted to update this posting with how things turned out, for anyone thinking of purchasing similar.

We went ahead with this plan. Basically, it was the best option on the table for us in difficult market. It certainly was littered with risks, but on balance we have been really happy with the outcome.

The negatives:
– The builders did change the plan once or twice during development. They added extra floors and acquired an extra block, so the number of apartments in the complex jumped up.
– The developers had the option to alter the plan by 5% of floorspace. Our lawyer trying to talk them down to 2%, but they wouldn’t budge.
– The time to completion blew out by, maybe 8 months.

The positives:
– There were more buildings in the complex, but we’re used to living in similar places. It hasn’t been a major issue.
– The floorspace concern didn’t come to fruition. We got what we hoped for.
– The timing didn’t concern us greatly as we were young enough to wait it out.

In summary, we are really happy with the finished product. The finishings are high quality. The location is good. It’s bigger and better than anything we could have hoped to buy two years ago. We really love our home.

I think a lot of the responders above are doing the logical thing and looking for good INVESTMENTS. Fair enough, it’s an investment forum. But something we never expected happened in the two years we were waiting to settle: both our incomes rose, more than we imagined. The market jumped up sharply. We had our property valued again at completion and it’s now worth more than $50,000 over purchase price.

Ok, It was fraught with risk. Ok, maybe not the highest ROI. But in our situation, it has worked out quite well. We love the place and are now in a position to think about property #2.

Thanks to you both for the comments.  

Shahin, what we are finding is that everything in our price range is over-priced… full stop. This actually has everything we want. Yep, at around 85sqm for a 2 bed it is a little on the small size, but not compared to what we're renting right now. If this is a bad idea, what do you suggest?