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One of the doubts you may have when buying a home is whether to buy off-plan –buying the property before it is built– or buying the finished product.
Each option has its advantages, like everything else, but buying an off-plan home deserves some attention.
Because the good life is also about living in a brand new home.
Advantages of buying off-plan
At first glance, buying off-plan may seem risky. But it has many advantages that you should know about:
Better building quality
The quality of the construction and materials is usually better than in homes that have already been built. You can be sure, for example, that the property has been designed with energy efficiency in mind. What’s more, new developments almost always have communal areas with all kinds of facilities, from swimming pools to sports courts.
Better price and more value
Discounts can sometimes be obtained on the purchase price. In addition, properties tend to increase in value during the course of construction. If you buy early, you can avoid paying that extra. And when your new home is built and you move in, it is likely to be worth more than you paid for it.
You can choose
Choose between several plots. Orientation, views, type of property… the options are usually very varied, but you will have to decide quite quickly, because the houses with the best features are always the first to be sold.
This is the case of Gaura, Sea Hills where there are one floor and two floors villas with diferent layouts so that you can choose the property that best suits your wishes.
Customisation options
Customisation possibilities are usually offered in terms of finishes, materials, furniture… to ensure that your new home speaks of you and offers you the greatest comfort possible according to your needs. Some developers even allow you to change the layout and add systems such as home automation.
For example, homeowners at Sunrise Bay Residences have several upgrade options available to them to provide their home with special equipment that goes beyond the standard.
Disadvantages of buying off-plan
Make sure you have everything under control if you want to buy off-plan to avoid these disadvantages:
Reliability of the developer
Even though everything is signed and protected by law, buying an off-plan property is clearly a matter of trusting the developer. For this reason, you should get some references before deciding to buy. It is important that you are aware of their reputation and know that they will comply with what is agreed in the contract. Choose a developer that is solvent and has no blemishes on its record.
You can’t visit the property
You have plans, virtual recreations, simulations… but you can’t see your home in person. This can create some uncertainty throughout the process but, if the developer and the construction company are reliable and there are no setbacks, your home will be just as you see it on the plan.
Long wait
When buying a property before it is built, this is something you need to be very clear about: delivery times can be long. In fact, you almost always have to wait about 2 years. Sometimes even longer. Further delays can be caused by unforeseen circumstances.
Make sure that the contract you sign states the deadline for handing over the keys and that it is clear who is responsible in this case and what compensation you are entitled to.
Who will your neighbours be?
If you are buying a property in a building, housing estate or residential complex, you will want to make sure that life in the community is as good as possible, and that your neighbours comply with the appropriate standards of respect, cleanliness and rest. When you buy a home in a building that is already inhabited, this is easier to know (for example, through references from the previous owner or third parties).
How to buy a property off-plan
If you already know that you prefer to buy a home before it is built, then you should know the process first-hand. Here’s how it works:
Tips for buying an off off-plan home
If you find your ideal home in an off-plan development, bear in mind these tips before you start buying:
- Find out about the developer’s reputation.
- Ask for the document that proves that the developer is the owner of the plot where the property is to be built.
- Ask for confirmation that they have the required building permit.
- When signing the contract with the developer, check it thoroughly and make sure that it includes the exact price of the property and the date on which the keys will be handed over.
- Read the clauses carefully so that there are no surprises if, for example, there is a delay in delivery. Check the liabilities in case the date is missed.
- Request and check all the details of the property and the residential complex. Plans, building specifications, technical specifications, advertising brochures…
Final steps
Have you already decided to buy? Follow these tips and everything will work out perfectly:
- Keep a record of all the payments you make, always in the account provided by the developer, destined to pay the construction costs.
- Ask for a guarantee that reflects all the amounts you have paid. This is the only way to ensure that you will get your money back if the construction is not completed.
- Make sure that the property is handed over to you after you have obtained the final building certificate and the first occupancy licence. Do not sign the deed until all the paperwork is ready.
- Check the property and make a note of any details that do not correspond to what was specified in the building specifications or other documents. Doors, windows, electrical appliances…
If you follow these guidelines and make sure that the conditions are right, buying an off-plan property is a highly recommended option. At Sonneil we help you find yours near the sea.
