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Off-plan property

Posted by Amilia Bargues - Created: 3 years ago
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5 replies (Showing replies: 1 to 5)

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Posted by Alpacas - 3 years ago

SABC I think you have taken me too literaturally.  My project manager was a good friend who had been in the building trade in France and knew just little schemes builders got up to !!

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Posted by sabc15-427548 - 3 years ago

Not sure Alpacas what you describe is what the o/p meant,true off plan is where you buy the proposed dwelling pay the company a deposit and installments as the construction progresses,you don't normally have the option of engaging you own appointed contractors or sub contractors,what you describe is more like a self build.sabc15.

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Posted by Alpacas - 3 years ago

I bought my original house in the Languedoc this way. First buy your plot and make sure through the Mairie that the plot will get planning permission and services (Water Sewage and electricity) are nearby to connect to.

After the plot is yours THEN approach a fairly local reputable off plan builder. Once you have decided on the design submit it to the Mairie for permission to construct.  This can take some time (6 months in my case). Once permission obtained then get the builder started oibviously having agreed terms beforehand.  Insist on his liquidity guarantee, and arrange for progress payments. It would be helpful if you were able to appoint a professional project manager unless you are able to do this yourself. If you dont do this you will find that the plant on site (JCB, diggfers, cranes, concrete mixers etc) will be used out of hours by other members of the community "On the Black" and YOU will be paying for it !!.

My house when finished was a superb investment and well worth the trouble of Off Plan.

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Posted by sabc15-427548 - 3 years ago

If you are going to consider buying off plan do a lot of research into the company offering the deal,ensure that they have assets that you can claim against if it all goes pear shape,make sure how your money is going to be protected and by who,effectively the company is using your money to finance the project,what happens if they run over budget and the project is unfinished,your percentage of a unfinished project may be worthless,hundreds of people signed up for these deals in Spain/Portugal & Bulgaria only to lose the life savings,I know these deals are popular and I am sure there are many safe and reputable companies involve,but at the end of the day it up to you to take care of your hard earned money, do not part with your cash until you are 100% satisfied,if in doubt steer clear.sabc15.

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Posted by Dibbyspot - 3 years ago

Hi, you need to ask yourself if you would make such a purchase in the UK? The risks are  that the builder fails and that the funds you invest are not protected. .

Unless the builder can offer independent confirmation that your funds are securefor me it would be a no go. Better to buy your own plot and get a builder in under your direct control. Buying off plan risks becoming a scammers charter - have seen too many people burned by this elsewhere.