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Tips on buying off-plan flat

Buying an off-plan flat is obviously not the same as a house. However, despite a few years in which the economic crisis has hit the construction sector and, above all, has affected the sale of this type of real estate, the reality is that, according to several studies, newlly built flats are once again marketed at a good pace. For this reason, real estate companies are betting strongly on this type of property.

Before acquiring an off-plan flat, it is necessary to consider a number of factors. So, if you are thinking of doing it, we want to give you a series of simple tips that will be very useful and that will help you get it right.

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1. Obtain as much information as possible about the developer or builder. Before signing an agreement of this nature, it is necessary to know exactly who is the entity that will sell the property. In this sense, try to verify your experience and trajectory to obtain the guarantees that the property will be built.

2. Examine the contract well and put it in the hands of an expert. It is essential to read the contract carefully and negotiate any clause that shouldn't be there. In addition, trusting a professional in the industry to give you their opinion before signing is also a recommendation to keep in mind.

3. Request a copy of the plans. At the same time as signing the contract, request a copy of the plans from the developer. If necessary, he must inform you of any changes in the construction. If you have been shown the plans in a virtual reality format, ask for a video copy of the tour.

4. The price of the property and the delivery date of keys must be accurately specified. These are aspects that should appear clearly in the first page of the contract. Also, remember that the price must include VAT. Never agree to sign a document in which estimates are given.

5. Ask for an individual endorsement and a further one from the developer. When claiming an endorsement as a whole, it will guarantee the investments made by all the owners and, when doing the same with the individual, their own. Both must be backed by a bank or insurance company. Only then will you have all the guarantees to recover your money in case of any unforeseen events.

Taking all of these tips into account will help you make the right decision and will also provide you with the peace of mind you need while you wait for the keys to be handed over so you can enjoy your new home.

Engel & Völkers

Génova, 27 - 5th floor
28004 Madrid
+34 91 277 45 00

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