Finding a way onto the housing ladder is now harder than ever and with prices still holding their own, first-time buyers often find themselves looking for alternatives to the traditional approach of property chairs and estate agents.

Buying 'off plan' can be one way to make the most of your investment. This means buying a property direct from the developer, but (and here's the risky bit) before it has been completed.

Although developers will often have show homes to give an idea of how the finished product will look, buyers are essentially making their decision based on just the plans of the property.

Once someone agrees to buy, they will put down a small (usually non-refundable) reservation fee and agree to exchange contracts within an agreed period.

On exchange, a deposit is paid and the property price is fixed. No more money is then payable until completion of the property and the keys are then handed over, leaving lots of time to arrange a mortgage.

In a fast-moving property market, this process has obvious advantages. In some cases, a development may take up to two years to be completed, which means that it is possible for the property to substantially increase in value, even before you've moved in.

Of course this can work both ways and it is also possible for falling prices to leave you at a loss. It's a good idea to do some research on local prices before you commit yourself especially if you are hoping for a high return on your investment.

As well as the financial considerations, buying off-plan can have other benefits. Buying in a new development will give you a newly decorated, maintenance-free property with guarantees on the building work in case anything goes wrong. A new property is also likely to be fitted with mod cons, meet energy efficiency requirements and be cheaper to maintain than older properties.

The purchase process is also likely to be more simple than other methods with no onward chain, no need to view numerous properties and no chance of being gazumped by another buyer.

But despite all the advantages, it is not risk-free and there are, of course, lots of things to watch out for. It is unlikely that your contract will contain a guaranteed completion date for the property, so unforeseen circumstances such as the weather could delay work. This could present problems if you are waiting to move in at a particular time and lead to extra costs for accommodation or furniture storage. Another possible issue is that although the plans for your particular property may look great, it can be hard to visualise things like its proximity to other buildings or the layout of outside space.

It is also a good idea to find out when the entire development is due to be completed, or you could find yourself moving in while the rest of the development remains a noisy, dusty building site for another six months.

If there is a show home, find out how similar it will be to your finished property. These show homes are often finished to the highest possible specifications.

The best advice is to talk to the developer about any issues and get them to confirm the answers in writing.

Although buying off-plan is not without its risks, it can be an exciting and lucrative way to get on the property ladder.