Residential property is flying like hotcakes these days. Even before you have a chance to take a detailed look at an advert online or in real life, the flat or house you are interested in has usually already been sold or rented. Even houses that have not yet been built or finished are already being sold these days. With the latter, even just a plan is enough to make a final decision. But how do you go about it, buying a property on plan? Read on for Immowi’s tips.
Conduct sufficient research
Those who buy a property on plan usually buy a flat or a house that is part of a larger unit or new construction project. This means that not only you, but also other buyers or co-owners are involved in the project. To avoid different diverging opinions and, consequently, more work and delays, choices for, among other things, the layout of your flat or interior design choices are limited.
Those investing in a home on plan must therefore trust, on the one hand, their ‘fantasty’ (the home is not there for now), and on the other, trust other parties so that the project is delivered well. This makes buying a property on plan an exciting investment.
While there are many things that are out of your control, there are factors that you can assess in advance. Are you afraid of night noise? Then visit the area around the new construction site several times beforehand and see what could cause a nuisance. Do you like living in a car-free neighbourhood? That too is easy to find out. And so there are numerous more examples of things you can check in advance.
Record everything clearly
When certain choices are made, it is best to put them down on paper. The same goes for the timings attached to them. Together with the client and other parties, draw up a realistic and detailed planning in which all the choices made are noted. This will avoid misunderstandings, conflicts or delays in the future.
Another tip: put all defects on paper at the first handover. That way, you can be sure that your house will be delivered complete, spotless and just as you want it.
Communicate your interior design preferences in time
Those who buy a house on plan usually opt for a layout that has been laid down on a floor plan. Within the purchased package are some basic decisions when it comes to interiors. If you want to choose specific items such as a kitchen, a bathroom or built-in cupboards, for example, then you make these decisions separately from the purchase of your floor plan. After all, everyone has their own taste when it comes to interiors, and those tastes already vary in price.
But the longer you wait to buy a new-build flat or house, the more advanced the construction process is. That also means that the longer you wait, the less say you have in choosing your interior. Even though construction promoters are constantly looking for buyers, they cannot keep waiting for effective sales to continue finishing a property.
Take advantage of the Breyne Act
The Breyne Act is a law that protects you (financially) as a buyer. It means that for a house on plan, you have to pay an advance of up to 5% of the total price. You then repay the remaining amount in instalments depending on how the works progress. There are only a few conditions before you can invoke the law. For example, the property you buy must be for housing. In addition, it must also be built by only one construction promoter or contractor and finally, there must be at least one year between the provisional and final delivery of the property. Finally, e seller also remains liable for any hidden defects for 10 years.
Would you like to buy a new property, but don’t know where to start? Immowi is happy to help you!