If you are looking for a property and have the time to do so, buying a house under construction (or on a plan) is an option that you should consider. Explaining the choice of this property acquisition model are several factors, namely:
- high prices of used houses;
- lack of offer of new houses for sale that they are ready to inhabit;
- news needs of space;
- write-offs interest rates;
- Larger savings;
- Others personal issues.
In this context, this solution is becoming more and more common, especially in urban areas, where the supply of new construction is smaller and at higher prices. For promoters it is always advantageous because guarantee a buyer for your property even before it is completed. Furthermore, how do you receive phased payments can finance part of their work.
For buyers, this solution implies less costs but there are precautions to take into account. So, if you are thinking of buying a house under construction, get to know the pros and cons before making your final decision.
Also read: Is it worth buying a house under construction with a credit?
Buying a house under construction: what are the advantages?
First of all, buying a house under construction or in plan, allows you to have a space to live that suits you. Ie, you can build a house to your liking which is not possible when buying a house that is ready to move in. But there are more advantages, highlighting the issue of price.
If you buy a house under construction, you can save a significant amount. This is because a property under design or construction tends to be cheaper than one already completed. On the other hand, when acquiring a house still at this stage, more possibilities to negotiate the price and thus obtain greater appreciation in the future.
Also read: Buying a foreclosed house: a business opportunity for you?
Buying a house under construction: everything to your liking and taste
When you buy a house under construction, the good news is that you have the possibility to choose the house you want. That is, you can choose:
- Good view;
- Good solar orientation;
- Floor you want (in case it is an apartment);
- Parking space;
- among other amenities.
On the other hand, you can choose the finishes, from the color of the walls to the floor. In addition, while the house is not complete, you can see the filling. You will have time to find the furniture and decoration objects that best suit your taste and the space you have available. You can even try to enjoy campaigns or balances.
New house just for you
The house you are going to buy will be made to your liking and you will be the one to inaugurate it. Therefore, you will have your touch, your choices, certainly the most modern materials and technologies (whether in terms of insulation, sound or air conditioning, for example).
Remember that if the house has any construction defect, it is by law, covered by the warranty.
In this mode, the buyer does not pay for the house in one go. payments are phased, which allows you to save money and pay the different expenses as the work approaches completion. However, you always have to Entry sign to reserve the property. Then, at the time of signing the promissory purchase and sale agreement (CPCV), the payment dates to be done as the project progresses.
More time to plan
As already mentioned, buying or moving house is work and requires not only money, but also time. Now, when buying a house under construction, you will have more time to prepare for the move and reorganize your entire personal life (eg, arrange for your child’s change of school, if applicable). You will still have time to deal with bureaucracy associated with moving to a new address. Finally, you can calmly see the stuffing for your home and decorate it to your liking.
Buying a house under construction: disadvantages and risks
Buying a house on plan also presents disadvantages and risks. For example, you may be buying a property that, after completion, does not turn out to be what you expected.. Then, we indicate the main disadvantages and how can solve some of these obstacles.
delays in delivery
One of the first disadvantages may be an eventual delay in the completion of the work and delivery of the respective property. If you have dates to meet, it could be a serious problem. For example, if you intend to get married and need the house before the wedding; or you are going to increase your family and need a bigger house or if you are returning to the country after a long period away. In all these situations, will need the house to be ready on timeotherwise you will have to find alternative solutions which is always unpleasant.
Please note, to protect your rights, can provide in the purchase and sale promise contract for this type of situations and possible compensation for failure to meet deadlines.
work to be completed
Worse than having a delay in delivering the house is not even be completeddue to financial difficulties of the promoter or builder.
Thus, it is recommended that collect as much information about the construction company you intend to do business with and try to understand the history of your work. If possible, try to know their financial situation.
Final work below expectations
Another fear of those who buy a house under construction is the result is far from expected. In other words, the end result may not be exactly like what you initially saw on the floor plan. On the other hand, there may be some detail that after the house is completed is not quite what you thought it was. In fact, seeing a house in plan is not the same as seeing it finished.
must still understand the plan well: from its areas, location of doors and windows and all other details. Finally, if you have any questions, should clarify the same before committing to the purchase of the house. If necessary, ask a professional in the field for help.
Buying a house under construction: precautions to be taken and what you should know
Buying a house is a important decision and always implies a set of somewhat technical care (materials, finishes, layout of the divisions, among others) as well as legal bureaucracy which you should be aware of. Therefore, you should also assess the property location and how much it can value or devalue in the future. For this, you must resort to the help of specialized technicians throughout the process.
Consider the services of a real estate agent
Many people avoid resorting to a real estate agent so as not to incur additional costs and thus save some money. However, the help of these professionals can make your life easier and save you time and headaches.
This is because, in addition to their advice, you can also count on the legal services support of the agency in the elaboration of the CPCV, a fundamental document to defend your rights in the purchase. On the other hand, these real estate agents usually have a vast knowledge of the market and can, for example, help you to gather information about the builder and its history.
In addition to solving all the bureaucracy for you, some real estate companies offer you virtual tools that allow you to visualize the final appearance of your property (as if your house were already ready to live in).
visit model floor
The best way to get an idea as close as possible to the final result of the work is to visit the model floor, when it exists. For example, in the case of a construction of similar apartment blocks, there is almost always the possibility of knowing the model floor in one of the buildings that has already been completed.
It certainly won’t be exactly like your future home, but it will give you a more concrete idea of what you are going to buy, namely with regard to areas and finishes. In addition, you have the possibility to get some ideas on how to decorate and make the best use of the space you have at your disposal.
Forecast all details and situations
When you buy a house, whether in plan or not, it is important to know, for example, the municipal master plan (PDM). In the case of a house under construction, it is even more fundamental, taking into account the period of time that will elapse between the beginning of the construction and the end of it.
That is, try to perceive or predict what will that area be like when your house is ready. What projects are planned for this area? What already exists? What already exists values your home or not? Try to inform yourself and look for information in public documents of the council or even with people, without forgetting the Municipal Master Plan (PDM).
The PDM regulates land use and use. It also defines the location of infrastructure and equipment. Through this instrument, you can see if more construction is planned for that area that could, for example, disturb the view over the landscape or be a source of noise.
Always have a written document
Without a doubt, have a document written and signed by both parties it’s the best way to safeguard your rights in case something goes wrong.
Attention, you should always mention in this document the delivery and payment deadlines, as well as any compensation in the event of non-compliance by any of the parties.
Read also: Family IMI: who is entitled and how to ask
Buying a house under construction: is it possible with credit?
Yes, it is possible. However, as is normal with any home loan, bank financing does not cover 100% of the property value. Thus, it is advisable to have a savings account to reserve the property and be able to make any necessary advances. If you don’t have that possibility, you have to find another solution.
If you happen to have a budget slack, choose to go ahead with the advances and resort to credit only for unforeseen events and for closing the deed.
It is important not to forget that when buying a house you also have other additional expensessuch as those related to writing.
Also read: Are you going to buy a house in 2022? Tips to avoid costly mistakes