Buying a home off plan
You pay during construction for something that does not exist yet. That is why the guarantees are what matters.
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Buying before it is built
Buying off plan means reserving and signing when the home is not finished, or not even started, and paying part on account as works advance. The rest is paid at the deed, when you receive the home.
The risk is obvious: you advance money for something you cannot yet see. The law covers it with two requirements on the developer, and you can ask to see them.
The guarantees to ask for
Five points, all in writing.
- Guarantee of the amounts paid on account, by bank guarantee or insurance (Law 38/1999, amended by Law 20/2015)
- That the advanced money goes into a special account and not the company's general one
- The delivery date and what happens if it is late
- The building licence and the state of the land, with the nota simple
- The ten-year insurance on structural damage
What you gain and what you risk
What you gain
- Payment spread over the works
- A choice of unit and sometimes personalisation
- A starting price that may be more favourable
What you risk
- Delays in the works
- Not seeing the real finish before paying
- Losing what you advanced if there is no guarantee
Before deciding
The costs and the alternatives.
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What people usually ask
Is buying off plan safe?
It can be if the advanced money is guaranteed in writing. Without a guarantee, it is not.
What if the works are late?
It depends on the contract. Check the delivery date and the penalty before signing.
Do you sell off plan?
A website that shows the guarantees builds more trust than a brochure. We build that channel.
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