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Builders 10 Year Guarantee
Reduced Notaire Fees
Choice of Décor
Like Minded People
What exactly is ‘Buying Off-Plan’?
Buying in France Off Plan in France: Guaranteed Purchase
Advantages of Buying ‘Off Plan’
Buying a property on a new development has many advantages:
Builders 10 Year Guarantee
The property will have a 10 year house builder’s guarantee, new properties are built using low maintenance materials so that your future outgoings for the foreseeable future will be low.
Reduced Notaire Fees
Another saving is made as the notaire’s fees will only be 2.5 – 3.5% instead of the usual 6 – 7%. This is because it is a new property and had TVA included in its price, making the stamps duty amount less.
Choice of Décor
You will have the choice of decoration including tiles and carpets so that your finished home is just what you would like it to be. Within the development there will probably we quite a choice of units so that you can select exactly the space that will suit you.
Like Minded People
Another advantage that is often overlooked is that within the development the people buying are likely to be like minded, having chosen similar homes, and will all be moving in at the same time so that you may well find it easier to make new friends of many nationalities which makes life that much more interesting, even more so when you have children who will make friends around the pool and possibly learn a few words of another language without even noticing plus having friends to play with often means more peace and quiet for their parents.
What exactly is ‘Buying Off-Plan’?
Buying off plan means what it says – you choose your property from the plans. You will be able to visit the site and see the orientation of the property. Occasionally it is possible to see a show apartment or house which will show you exactly what yours will look like when it is completed and sometimes there are units still available once building has started so that you can choose your property whilst it is in the building stages. You might also be able to see other developments by the same builder to give you an idea of the quality of the development.
Buying in France Off Plan: Guaranteed Purchase
Once you have selected a property and wish to reserve it, you will be required to pay up to 5% as a deposit. You will be given an approximate date for completion. Once the building is started but not until the foundations are all laid, you will then have to pay a further 25% in most cases. It should be noted that at this time you become the full owner of the property which is a great safeguard as on top of this you will be provided with a bank guarantee – which provides that should anything happen to the builder/developer, then the bank guarantee that they will find another builder to complete your property – ie you are guaranteed to get that property.
The laws and regulations governing developers of new properties are extremely strict, so that it is impossible to lose your property or money during the purchasing process, giving the purchasers great security and peace of mind.
Stage payments after the payment and signing of acte at the point when the foundations are laid, you will then pay stage payments as have been laid out in the original reservation contract. The properties are normally easily to gain mortgages for as they are built to strict regulations and it is usual for the mortgage company to start paying the stage payments with your permission once you have paid your contribution.
At the relevant time you will be called to come and choose your tiles or carpets, bathroom etc. In most cases kitchens are not included as it is expected that everyone would want a different style and shape plus different appliances. You will get assistance to get a kitchen in most cases and they will leave the property with a sink unit in the kitchen if not.
Off Plan Properties: Advantages | New Houses & Developments in France | French Property Investment |
