Do the advantages, financial in particular, of new real estate appeal to you? Do you want to start buying a new home off plan? Here are all the steps to follow to make your real estate purchase project a reality.
Unlike a real estate purchase in the old, the new has the particularity of being an acquisition over a longer period. Indeed, when we talk about buying off-plan, selling in a future state of completion or buying off-plan, you have to understand that, in most cases, your future home has not yet been built. To find out what you are getting into, here is a short guide on the different steps to follow when buying a new off-plan home.
Steps before construction
After searching on a website specializing in new real estate, once you have found the new apartment of your dreams, there are several steps to follow before making your purchase off-plan. Even before construction, a reservation contract must be signed with the property developer. He therefore undertakes to reserve the accommodation for you until the official signing of the sales contract at the notary’s. We then speak of the signing of the authentic deed of sale. Once a minimum threshold of pre-marketing on the developer’s side, when he knows that he has sold a certain percentage of housing in his project, he can start the work.
How is the construction of a new apartment going?
Then comes the “construction” phase of the new home. A project whose stages are highly regulated because it results in calls for funds. The VEFA imposes a payment schedule according to the progress of the site. Payment for your future new apartment is therefore made as it is built. You also gradually become its owner.
Thus, the promoter will claim 35% of the total price from you when the foundations are completed, 70% when the building is out of water, that is to say after the installation of the roof, 95% on completion of the worksite. The remaining 5% are to be paid when the keys are handed over if the reservations and poor workmanship do not require them to be recorded.
All these steps must be validated and certified by a professional. It is also up to you to pass regularly near the site to check that the work is progressing.
A property developer cannot therefore require you to pay 70% of the total price when only the foundations are finished. On the other hand, it can create calls for additional funds between two maximum ceilings: 15% at the start of the work, for example.
When is the move in?
The particularity of the purchase in VEFA is that the property is, in general, not yet built. In addition to the legal deadlines, with the wait for the signature at the notary of the authentic deed, it can take several months. The duration of the construction stages in VEFA varies between 12 to 24 months of construction, to which it is sometimes necessary to add the administrative time between signature of the reservation contract, signature of the deed of sale, start of the construction site. To reduce this time, it is possible to buy in immediate delivery in new programs already under construction, or even completely delivered. All you have to do is move, install your furniture and take possession of your new home.