Buying off plan property overseas
Tips for Buying Off Plan
The buying off plan experience varies from country to country, but there are some general points that can be applied anywhere in the world. The list is endless, but we have summarised the most crucial ones.
So, what do I need to remember when buying overseas?
- Organise your finances with regards to mortgage and loans before you even start to house-hunt.
- Decide the maximum amount that you are willing to spend.
- Visit the location a few times at different times of the year before you make your decision.
- Research the reputation of the developer; try the internet for this one.
- Try to find out if there are other construction projects next to your own, you don’t want to be face to face with a skyscraper whilst you sit by the pool in your luxury, private villa!
- Analyse floor plans.
- Depending on the stage of production, you should check the condition of the other properties on the site to give you an idea about the constructor’s quality standards.
- If possible talk to existing owners about their impressions of the properties. This is possible with Eye on Worldwide message board service.
- Never sign a translation of a contract or the final signing of the contract without having it approved by your lawyer.
- On the subject of lawyer, use an independent one, not one that has been recommended by the constructor, for obvious reasons.
- Check that planning permission and building licenses are in place.
- Check that the development has a form of bank guarantee.
- If you decide to use the bank recommended by the developer, make sure your lawyer checks that you will have a first charge and not a second charge, which can happen if the developer still owes them money.