Six Tips to buy a house off plan
Taking advantage of the upturn in the Real Estate market in Spain, Click for the Sun has compiled a number of tips to avoid possible grievances. Six Tips to buy a house off plan
The real estate sector begins to move after the burst of the bubble. Home sales rose 19.4% in June compared to the same month of 2015, adding up to 36,856 operations, the highest since January 2013. 39,920 transactions, as reported by the Spanish National Statistics Institute (INE).
With this rise, the sale of homes in Spain is in the fifth consecutive month of annual increases. Also, the home building sector has been the second sector that has generated more jobs in the second quarter of 2015, surpassed only by the service sector, according to the Spanish Labour Force Survey (LFS).
So if you are thinking to invest in an off-plan house, one of the cheapest options, it is advisable to follow a few tips we collected for you.
When buying an off-plan property in Spain, the most important thing is knowing who you buy to. It is, knowing the trajectory of the builder, its experience and previous projects, whether it is a business, an individual or a promoter and a mandatory basis, whether or not the builder or promoter is the owner of the land where the house will be built. Sometimes, many companies or funds are hidden under a person really is not the owner thereof. In Click for the sun we do that, we show you and translate the ownership document of the land called “Nota simple” witch is the certification from the land register who is the owner of the house.
Exact Price and dates
2. Final price and completion deadline.
Second, we must not forget to ask the final price of the house , including Vat and features chosen are enclose in the contract, the schedule of payments and the exact date of delivery of keys and not accept approximations in dates ( at least to know the deadline) or the price . This allows to avoid futures possible over cost disputes or delays on time.
In the contract you must require the developer to enclose the exact housing plans and quality memory. Like this any future amendments or building modification to the agreed on the contract can demonstrate any unilateral change during the construction works, one of the most frequent complaints among major buyers of such properties is avoided.
4. The contract.
Of course, you have to read the contract and ask all the questions you may have. This is the best advice, applicable to all agreements in writing and, of course, even more. Like this , we can review the possible clauses with which to act later. The contract will be notarized only when the owner will hand over the keys. We, of course, translate the contract to English and advice and guide you on the signing contract. This is part of our commitment with you.
Payments bank transfer
5. No Black money at all .
All payments made during the house construction to be produced through bank transfer directly to the builder or developer. No one else. In this case, Click for the sun recommended keeping all bank transfer made to the promoter for this purpose. So that with these payments made by the buyers the promoter should only deal with the costs of building and not the land purchase, or the processing of partial plans or the development costs.
6. Require a general endorsement of the payments .
This ensures all amounts paid on account by all future owners of the houses of the promotion. And, of course, claim individual guarantee, guaranteed by a bank or an insurance company that will be allowed to compensate and recover the money paid if the conditions laid down are not met and can not deliver the house . It is the only way to ensure compensation to recover the money provided for buying a house in Spain.