One of the options available when purchasing a property is buying off-plan housing. This type of purchase involves acquiring the property before it is built, based on the plans provided by the real estate developer.
There are several advantages to buying off-plan homes, such as a lower price or the possibility of customizing the property. However, it is important to take certain key aspects into account to ensure maximum guarantees throughout the purchasing process.
4 Key Tips for Buying Off-Plan Homes
1. Research the developer
First of all, it is the buyer’s responsibility to research the developer, including their track record, financial situation, and solvency, in order to ensure that the project will be completed as planned.
It is also advisable to seek opinions from previous buyers who have purchased properties from the same developer and verify their reliability.
Additionally, make sure that the developer has all the necessary permits, licenses, and legal procedures required for the construction of the property.
2. Request the required documentation
Although regulations may vary depending on the autonomous community, buyers should generally request the following documentation from the developer:
- Description of the property, including floor plans and usable floor area
- Specifications report, detailing the materials used
- Copy of the building permit
- Land registry details of the property
- Bylaws of the homeowners’ association
3. Review and sign the purchase agreement
Regarding the purchase agreement, it is essential to review the contract carefully before signing it and ensure that the following details are included:
- The exact price of the property (excluding VAT)
- The start date of construction
- The delivery date of the property
- The penalty clause for the developer in case of delays
It is also advisable to keep all documentation, including advertising brochures provided by the developer, to avoid misunderstandings about the features of the property later on.
4. Establish a payment schedule
It is important to clearly define the payment method and deadlines from the beginning so you can plan accordingly and avoid unexpected issues.
Knowing the monthly payment amount and the payment deadlines will help you better manage and organize your household finances. Additionally, if you make any advance payments, it is recommended to keep proof of the amount deposited into the developer’s bank account.