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Off Plan Property  > How to buy?

Off Plan Property > How to buy?

Buying an Off Plan Property, or still in construction phase, is increasingly popular in Portugal since it provides the buyer with a substantial reduction in the price and the possibility of the payment can be diluted throughout the period of purchase, until the point of delivery of the property. With a new found interest in the construction industry the Algarve already has properties of all categories, apartments through to villas, still in the construction phase up for sale. Not only this but the quality of construction has improved significantly in recent years, and generally ranges from good to excellent. Find out the advantages of using an Off - Plan VAP Property.

Advantages

The prices of new properties vary considerably with its location and other characteristics. However, by choosing to buy an unfinished property, in most cases, the purchase price is generally lower than is the case with finished products and older properties (which may require upgrading or renewal), as there is a fixed price for the finished product, unlike the cost of renewing a property which could exceed the initial estimate.
Some developers give the possibility to choose the interior decoration. If you buy a property still in the plan phase you can usually choose not only the decoration as various features of your property: Layout, color palette, type of floor tiles, heating, etc. Such modifications may be included in the final value of the property.
Being among the first buyers, offers the possibility to choose among the best units in terms of location, solar orientation, visibility and other specific features.
In summary, buying a new product in the construction phase means lower maintinance/renewal costs, a discounted purchase as well as having a flexible payment schedule based on the construction schedule.

Decision-Making

Buy a Property in the planning phase means having to imagine the finished product (i.e. your investment) and therefore also requires some caution. The following topics should be examined before making a final decision:

  • Make a comparative analysis between the property value and market value in the region. The quality of a property and the materials used will be reflected in the price. Thus, when comparing prices, inteire sure you are comparing similar qualities
  • What is the potential in the rental market (if this is the case)?
  • Which references the area and what are the expectations for growth in the price?
  • Check the number of properties for sale in order to avoid possible saturation
  • What is the quality of the promoter and what guarantees are offered to you?
  • What is the value of the condo fees and IMI?
  • What are the strongest selling points of the building and what types of services are offered?

Buying Process

Generally, there are three basic steps:

  • The reserve, which the buyer will have to pay a sign of booking the property
  • The signing of the contract , in which another signal (usually 10 % of the total) must be paid , shall contain the following clauses : defining the schedule of works to completion and definition of payment deadlines
  • Upon completion of each stage of construction, the payment will take place. When a building is purchased plan, payment is made in stages depending on the progress and development of the work.

Note: It is important to ensure that each step is completed satisfactorily before making payments.

 

For VAP Real Estate, is essential to work with acceptance criteria very strictly and rigorously before agreeing to market a property plan. Thus you have our guarantee that all properties of this type (sold by VAP Real Estate) will have passed our strict list of criteria.

By opting for a Off-Plan Vap Real Estate Property, you will be able to see the various properties still on plan, discuss designs, layouts, quality of construction, orientation, size, views, finishes, materials, etc. that match your needs and expectations. We will give you even a full explanation of each real estate investment opportunity .
Does the area fits with your personality?
Do you want peace and quiet or to live in a more lively area?
Looking for a property with pool, near the beach , or a property with a fantastic view of a green golf course?
The options are endless! Just have an image in mind of what you really want and let us know when we show it to you.

 

Let us help you find your dream property in Portugal.
If you need more information, do not hesitate to contact us.
Choose to live in Portugal! Choose with VAP Real Estate.