Buying Off-Plan, or Sale Before Completion (VEFA), may cause hesitation among some buyers due to purchasing a property that doesn't yet physically exist. However, off-plan purchasing proves to be an interesting investment, which is why we'll explain how acquiring a property in this context unfolds and its benefits.
The Different Stages of an Off-Plan Purchase
After reviewing your acquisition project, your real estate agent suggests investing in a new property that meets your search criteria, offering you a high-quality construction adhering to current standards by a trustworthy developer with completion and damage insurance.
The first step is signing the reservation contract (with a deposit). After the 10-day withdrawal period, you're granted 90 days to secure your financing plan, leading to the signing of the deed of sale with the notary. Notably, registration fees are around 3% for new properties versus 8% for older ones. Payment is staggered according to the schedule in the reservation contract.
Customizing Your Finish
Buying off-plan allows you to alter the layout of your dwelling as much as possible. Your real estate agent, your sole contact throughout the transaction, will offer you a selection of materials for finishing your apartment (flooring, wall coverings, etc.). However, you can choose different materials not included in the developer's catalog, which could lead to an increase or decrease in value.
VAT Reclamation
Another benefit of off-plan purchasing is the possibility of reclaiming 20% VAT. This option requires renting out your property and offering tenants at least 3 out of 4 parahotel services: reception, linen, cleaning, and breakfast, which our rental management service can provide for your apartment.
