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Tips for Buying an Off-Plan Home

Tips for Buying an Off-Plan Home

In 2016 there has been a rebound in the acquisition of off-plan homes. Here are 8 tips for buying a home under construction.

When buying a home, most people value price above all else. A new and cheap way to buy is off-plan houses. However, many people are reluctant to do so, since putting so much money into something that has not been seen and that will still take several years to become a reality can be a bit risky investment .

Such is the case, that with the economic crisis this type of sales came to a standstill and it was practically impossible to buy off-plan homes, since it was not being built. But this 2016 we have seen a rebound in the brick sector and, again, it is possible to acquire properties that have not yet been built.

For this it is important that you take into account the following tips to buy a house off plan:

  1. Find information about the developer: Before starting the negotiations for the purchase of the house, you should know who you are dealing with. To do this, you can go to the property registry to find out if the developer really owns the land on which it is going to be built.

 

You can also go to the City Council, where they will inform you if the construction is authorized and if it has all the necessary licenses for it. It is preferable that you choose to buy through a promoter with a long history that can give you guarantees.

  1. Before signing, read the contract carefully: On many occasions these contracts include abusive clauses that, if not detected in time, can be very harmful to the consumer.

Years ago it was very common for construction companies to include points in the contract in which, for example, they reserved the right to modify the home without the consent of the buyer or forced the latter to sign the mortgage with the bank with which the developer works.

As reported by the Organization of Consumers and Users (OCU) these terms are not entirely valid, so they could be reported to a judge.

  1. Be careful with the payments you make: When you sign a contract for the sale of an off-plan house, the builder requires a first payment as a down payment.

This money can only be used for the construction of the project, so the developer must provide a bank account intended solely for that use. Request a receipt that guarantees compliance with this aspect and that, in case of non-compliance, it will serve you to demand the return of the money.

  1. The final price of the house must be clear before signing: Although it may seem obvious, before signing the contract you must demand that they provide you with the total price of the house, with the 10% VAT established for these cases included.

Never sign documents that do not establish the cost exactly, since later they may ask you for more money and you will have no way to defend yourself. In this sense, it is also important to establish the payment method. That is, if it will be done by installments or in full when the deeds are signed.

  1. Demand an exact date for the delivery of the keys: One aspect that is not usually given too much importance, and that in fact it does, is the date of delivery of the keys.

You must ask that they ensure a specific date, as well as sign a document that protects you in case of non-compliance with the deadlines. With this writing in between, you can demand compensation or financial compensation for the damages that this delay may cause you.

  1. Ask for promotion and individual guarantees: In the past, there were cases in which the construction companies could not afford the total costs of the building and declared bankruptcy, leaving buyers without money and without a house.

So that this does not happen to you, it is essential that you request an endorsement that covers the entire promotion in order to recover the money contributed in case of bankruptcy, as well as another at a private level so that you get the money back or, failing that, compensation if this occurs.

  1. Request a copy of the plans of the house: The construction companies work with plans of the different types of buildings that they are going to build. When you go to buy an off- plan house, ask for a copy of it.

With this you will be able to verify at the end of the work that the house is as it was sold to you in the beginning. If not, this document will serve as proof of deception in the event of a judicial process.

  1. Do not sign the deed immediately: The buyer’s rights establish that he has the right to have a draft of the deed three days before signing it. Ask for it before the rubric to be able to review it and check that everything is correct.

It is also essential that before signing you make sure that everything is as stated in the plan and the specifications. Check the finishes and the structure of the house, and do the same with the common areas.

Questions to ask before buying a home

Apart from the price, there is another type of information that must be requested before purchasing a home. Here’s what to ask when buying a home.

A recent Bankinter report predicts that next year 2017 will be a good year for the real estate market, as an increase in the demand for properties of blue world city islamabad is expected, as well as an increase in house prices.

These data are encouraging and are in addition to those provided by the Ministry of Development that reported a few months ago that the stock of properties for sale has dropped to 493,112 houses during the first quarter of 2016.

These symptoms of recovery are mainly driven by individuals who, after several years without daring to buy houses , have regained confidence thanks to the competitive prices that exist today and the ease that banks once again give to access credit.

Still, future buyers have become more cautious and demanding, requesting much more information to decide whether or not they want to buy a home. Here are some of the questions to ask when buying a home:

What expenses does the house have?

Beyond the final price for which a house is sold or whether some type of financial aid has been obtained to buy a house , it is necessary to inform yourself well about the expenses that it has monthly or annually.

Nowadays, if you know how and where to look, you can find spectacular properties at quite affordable prices. However, what you have to ask yourself is what are the maintenance costs of that property. In many cases, what really makes a home more expensive is not the price for which it is purchased, but what it costs to maintain it.

Therefore, it is convenient to ask the developer or owner for the estimated costs of electricity, water, community, etc. You should also inform yourself about the amount of IBI that you will have to pay annually It depends on several aspects such as the cadastral value and the coefficient.

Questions to ask before buying a home

Why is the owner selling the house?

In the case of second-hand properties, the sale usually hides some reasons. These do not have to be bad but it is advisable to ask the owner or real estate agent what are the reasons why the property has been put up for sale.

Many times these transactions hide structural problems in housing, troubled neighborhoods, or excessively high expenses that cannot be sustained. Demand that you be informed about it so as not to be surprised once the home is purchased.

Does the property have any type of charge?

This aspect is quite important and has to be one of the first things you should find out if you are interested in buying a flat. The first thing you will have to do is go to the Property Registry to verify that the person you are dealing with is really the owner of said home.

There they will also inform you about possible charges that the house may have, such as, for example, if there is a garnishment order on it, if it is mortgaged or if there is any debt with the neighborhood community. In this way you will cover your back, because if there is any debt and you discover it after buying the house, you will be responsible for paying it.

How long has the property been for sale and how many people have visited it?

Although this data may seem irrelevant at first, the truth is that it has value when negotiating the final price for which the house is going to be bought.

If it is a house that has been for sale for a long time, it means that both the owner and the real estate agency that has the property in the portfolio will be in a hurry to sell it.

Also, if it is a house that many people have visited, it means that for various reasons they are having trouble getting rid of it. Both aspects are an asset in your favor, since you will probably be able to agree on the final purchase price obtaining a considerable discount.

What is the neighborhood and surroundings like?

If the house you plan to buy is to live on a regular basis or to reside during certain periods of the year, such as holidays and weekends, it is convenient that you find out well about what the neighborhood is like.

The reason? Many times a nice and affordable home hides problems such as noisy or troublesome neighbors. It is also important to know the environment and surroundings. Do you have services nearby?

Does public transport pass through the area? Are there good ways of communication and access to the house? They are small questions that can make a difference.

In Tajarat peoperties you will not have to worry about these types of aspects, since we put at your disposal from the beginning all the information about the properties we represent. In addition, we always make sure that they meet minimum quality requirements to include them in our portfolio. This is how we have managed to be the leading real estate agency in Calpe since 1979.

 

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