The property I want to buy isn completed yet. What safeguards are there to make sure that the builder completes the property on time and to a high standard?
There are many benefits to buying an off-plan property in any country. The sale price will generally be slightly lower than the price of a completed property because you are effectively subsidising the construction and giving the builder peace of mind that his investment is going to make a return! Also, buying off-plan gives you more flexibility – if the structure permits you can ask for walls to be knocked through or put in and change the layout of the kitchen. The downside to buying off-plan is that you are buying on faith because you have not seen the finished article, and you are effectively buying a promise because the property is not yet finished. When you choose to buy an off-plan property, the completion date is written into the sales contract, with a completion clause requiring the builder to pay you a penalty charge each month if the property is not completed on time. Additionally, there is a 10 year guarantee on the structure of the building, a three-year guarantee on the wi
Related Questions
- The property I want to buy isn completed yet. What safeguards are there to make sure that the builder completes the property on time and to a high standard?
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