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    Comptoir Immobilier

    How to buy a property off-plan?

    The vast majority of new villas and apartments are sold off-plan, i.e. before they are even built. This represents several advantages for the buyer. But youshouldn’t rush into it without checking some essential points. Here is some information that will help you buy smart, from booking to delivery of your off-plan property.

    Buy off-plan… buy the property of your dreams.

    To be the first to walk on the virgin ground of your home and decide on its finishes is a beautiful privilege. In order to help the buyer select his lot, the real estate agency or broker provides him with various documents: presentation of the project, price list, plans and sections and finally, construction description. The latter must mention in detail the budget for each trade (kitchen, bathroom, electricity, floor coverings, etc.). On this basis, the buyer makes his choices. If these result in exceeding the allocated budgets – which are included in the sale price – the buyer will have to pay for these additional costs.

    According to his tastes and needs

    The future owner has the possibility to personalize his living space: types of kitchen and shower, parquet floors, painting the walls, etc. He can even intervene on the interior layout by modifying the initial plan (added or removed partitions). Projecting oneself on the basis of simple plans can seem difficult: this is why computer-generated images can illustrate the exterior views, the common areas and the interior spaces. Virtual tours help you to project yourself in a furnished space. Measuring the rooms in your current residence to have a scale for comparison can be a good idea. A visit to the property at different times of the day also gives you an idea of the amount of sunlight in the rooms. It is also important to know the environment of your future home: proximity to schools, shops and services, public transport links, road access, soft mobility routes, etc. If it is a condominium, find out about its rules. Finally, the general atmosphere of the neighborhood, as well as its possible nuisances (noise in particular), can only be apprehended by visiting the place.

    Finance your project

    There are two ways to go about buying your property off-plan:

    #1 The first called forward purchase, involves the payment of a deposit varying between 10% and 20% of the total price. The balance is paid at the time of final delivery, usually by means of a mortgage obtained in advance.

    #2 The second solution – common for condominiums (PPE) – is the purchase of a share of land. The apartment is going to represent a certain share of the total construction, expressed as a thousandth of the base plot. In parallel, a contract is signed between the buyer and the general contractor. The purchaser thus becomes the owner of his thousandth share of the land. He has to take out his own building loan and consequently pay interest, which represents additional costs compared to the forward sale. On the other hand, he benefits from a reduced rate of transfer tax– the tax paid by the purchaser on any real estate transaction, since these are calculated only on the basis of the value of the land and not of the entire real estate project. Once the home is built, the construction loan will be consolidated, i.e., turned into a traditional mortgage.

    To avoid surprises with serious consequences

    Before you embark on an off-plan purchase, take the time to check the developer’s reputation, experience and creditworthiness. The solidity of the companies to which the execution of work is entrusted is also important, in particular at the time of acquisition in share of ground coupled with a contract of general undertaking. Furthermore, it is advisable to pay attention to the various clauses and possible exclusions (soil pollution, etc.) mentioned in the contract, and to make sure of the guarantees. Finally, the deadlines and commitments must be specified precisely, so that the buyer can terminate his lease at the right time and take possession of his new home serenely!

    The 4 secrets to a successful purchase

    #1 Support
    Have a professional accompany you so that he or she can support you and guide you on all the technical terms that revolve around a real estate project.

    #2 Check for yourself
    Go to the construction site to get to know the future environment in which you will live.

    #3 Financing
    Please take the time to inquire with several financial players before taking the plunge. Make the right choice!

    #4 The developer…
    Don’t forget to ask about the developer before you commit to anything!

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