Buying a luxury property off-plan is increasingly in vogue, especially in large urban centers, where new constructions are scarce and the prices of existing ones are high.
This trend is advantageous for those buyers who are not in a hurry to change their home and brings many benefits. If you are thinking about buying a house and following this hypothesis, find out why it pays to invest in a luxury property under construction and what you should do throughout the selection and acquisition process.
5 Steps to get a good deal when buying a luxury off-plan property
The real estate market offers a wide range of services for those who want to realize their dream of owning a luxury property . Investing in a project under construction, that is, in the plant, is one of these options.
In this situation, the acquisition process is different because you will only see your future home in design or in the initial construction phase. To choose the best option for you and your family, there are some essential steps to follow:
- Define the location where you want to live and search for projects or works that are planned for that location or are in the initial construction phase.
- Check whether it is a developing area in terms of real estate or commercial expansion. Get information from the City Council.
- Contact the responsible construction company and schedule a meeting to find out the characteristics, type and price of the property.
- Analyze the project and proposal. If you have family or friends who live close to the location, you can find out the average price of homes in that area. You can also search the Internet for these values. Check the accessibility and services available nearby.
- Assess the market potential in that area. If you are considering renting or selling the property in the short or medium term, this aspect is fundamental to making a good deal.
3 Steps to buying a luxury property under construction
Regarding the process of purchasing a luxury property off-plan, this type of business normally takes place in 3 phases:
1. Formalization of the property reservation
In this first stage, the buyer must pay a deposit to reserve the property. The respective amount to be paid will be agreed between him and the construction or real estate agency company.
2. Signing of the purchase and sale promissory contract
This contract precedes the definitive contract and acts as a business guarantee for both parties. The buyer will have to pay an amount at this stage, generally corresponding to around 10% of the total price of the house.
At this point, it is essential to carefully read all the paragraphs of the contract, especially those that refer to the date of completion of the work and subsequent delivery. You should also check the deadlines for remaining payments, which will be made as the work progresses.
3. Delivery of the property and making the last payment
Monitoring the entire construction process is one of the benefits of buying a luxury property off-plan. At the end of the process of building your home , the agreed final payment and delivery of the property are made.
Advantages of buying a luxury property off-plan
Making an investment in a future home, without it being built and ready to live in, can be considered a risk. However, with this option it is possible to have a home tailored to your needs, without having to limit yourself to the offer available on the market.
Buying a luxury property off-plan has some attractive benefits:
- Personalization of your home according to your personal tastes, needs and lifestyle;
- Possibility of choosing modern infrastructures, high-quality finishes and state-of-the-art technology;
- Access to a newly built property, completely free from signs of wear and tear;
- Greater freedom in defining payment deadlines;
- Timely scheduling of the deadline for handing over the property, so that you can organize everything you need to do up to the moving stage in a timely manner.
Now that you know the main benefits of buying a luxury property off-plan and the care you need to take throughout the process, it’s time to take the next step. DS PRIVATE has extensive experience in this type of business, providing all the support you need to make the right choice.
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