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Discover The Advantages of Buying a Home Off-Plan

Discover The Advantages of Buying a Home Off Plan - Discover The Advantages of Buying a Home Off-Plan

Buying a home off-plan means purchasing a property before its construction. Sometimes, long before even the start of the works. Due to the scarcity of new construction, it is a common practice. And it has many advantages, although you have to wait a while to enjoy the house.

Advantages of buying a home off-plan

The price is lower

Generally, the initial price of this new construction home is lower than that of another already built. The percentage may vary depending on the promotion, but the savings can reach up to 15%. The reason is that the developer risks less because the homes, or at least a good part, are already sold before starting the works.

Payment facilities

This type of buying requires less financial effort. The initial payment for a built home reaches 30% of its value: 20% for what the mortgage does not cover, plus the costs of the sale. On the other hand, when buying a home off plan, the usual thing is to pay 10% upfront and another 10% in instalments until delivery. That way, it's easier to save for a mortgage that will also be smaller.

Revaluation

The value of the home will increase as construction progresses. That's to say that when signing the deeds, the house will usually have appreciated, much more so in new neighbourhoods with high demand.

Personalization

Many developers offer the possibility of modifying aspects such as distribution or finishes. As a result, it'll be possible to adapt the home to your needs and taste while avoiding the additional outlay of renovation work.

Possibility to choose

In developments that have not yet materialized, the availability of homes is usually higher, which makes it possible to choose the one that best suits your needs due to its features. You can also choose between different developments depending on other characteristics, like communal residential areas.

Legal coverage

In the event of any breach, the buyer has legal coverage. The developer must guarantee all payments. Consequently, if the construction fails, the buyer will recover their money.

Guarantee

The off-plan home is subject to technical and construction requirements like any other. It must comply with the Technical Building Code and offer the same guarantees regarding hidden defects.

Tips when buying a home off-plan

All these advantages do not mean that you do not have to take some precautions before buying an off-plan home:

Review the contract before signing it. It must specify the characteristics of the home, the price, the payment plan, the delivery date, etc. That's to say, it must contain every detail.
Check that there are no abusive clauses, such as those that exempt the promoter in case of non-compliance, for example, the delivery date.
• Do not give a deposit if there are doubts about the conditions of the contract.
Save all documentation, including advertising and proof of any payment made.
• Never sign the deeds without having received the documentation proving the completion of the work and that the home is habitable.

Find your dream home at SpainHouses.net. You'll see housing to buy off plan, in the construction phase or already completed. Wait no more and start your search.

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