Saturday, April 8, 2023, 10:48
The more important the next step we are going to take in our lives is, the more doubts may arise when it comes to tackling it. This is the case of buying a house: a huge number of questions accumulate and each issue must be clear. For this reason, we want to lend you a hand and shed some light by providing answers to questions that are usually the most common and that may be the dream of your goal of owning a new construction house.
Sale off plan or turnkey?
The differences between both modalities are substantial. In general, the turnkey is usually somewhat more expensive. In this case, the possibilities of being able to make improvements to the home are reduced, so you will have to give up customizing the interior, which is an advantage of buying off-plan. Another of the drawbacks of turnkey is that you will have to make the financial contribution in a much shorter period of time.
How long will it take to finish the work?
Knowing the completion of the work is essential to plan aspects such as, for example, the move. The main thing is the rush you have to make the transfer effective, since perhaps your rental contract is about to end. The normal thing is to have a closed date, but it is also very likely that there will be delays. Find out what penalties there are in case of non-compliance by the construction company, if any. This is a way to compensate buyers.
What is the promoter’s payment plan?
When buying off-plan there is always a process in which there are periodic disbursements. At first, there is the payment of the reservation, and then a percentage is established that is usually around 20% of the total price of the house and is usually paid in installments. Finally, the rest will have to be financed with a bank. In cooperatives, a loan is granted to members that will include the purchase of land and construction. Be very clear about the amounts that you will pay and their frequency until the deed is signed, and if you are in a cooperative, remember that there may be increases because you are the promoter.
Do I have the right to customizations?
Buying off-plan has several advantages, one of which is the possibility of personalizing the home. Improving the qualities of the finishes has an extra cost, so assess whether it is worth it. The floors, the enclosures, the tiling, the sanitation or even the distribution of the rooms are all elements that can be customized by the developer.
And if there are common areas?
You should not forget the fixed expenses that will accompany the monthly mortgage payment. The best known is that of community expenses. This fee will be established in the community statutes and will vary depending on the facilities available to the urbanization. If you have a community pool, you must in any case consult the municipal or regional regulations applicable in each case, since there are different factors that play in favor of the obligation to hire one or more lifeguards and a toilet. The gardens will also need maintenance to be carried out by a professional, or the elevator or elevators where appropriate.
Is the promoter trustworthy?
A little research work regarding the path of the promoter will also be essential when it comes to knowing if you are in good hands. Finding out if all your promotions have been completed successfully, and that the buyers have been satisfied will make you feel calmer. You must also make sure that your after-sales service responds quickly to possible defects in the finishes, in the facilities or in the structure.
What conditions will my mortgage have?
When buying off-plan, at the end of the work, the amount pending payment must be financed. Typically, the bank that has granted the developer credit offers a subrogation under advantageous conditions. However, you may find yourself in the event that the conditions are not the best and you must seek financing from another bank that offers you greater advantages. Remember that the mortgage will accompany you for many years and it is up to you not to regret it every month.