When a person acquires a property on plan or VEFA (Sale in the Future State of Completion), he buys a dwelling that is not finished, or even not built at all. Highly regulated in terms of laws, this purchase is the culmination of a journey with many steps, which lead, most of the time, in search of a financing solution.
What are the steps of a purchase on plan?
The purchase of a new property in VEFA begins with the evaluation of the budget. This is determined by adding the price of the property and notary fees (around 2% of the amount of housing). For example, for a new apartment sold for 200 000 €, the costs will be about 10 000 €. The advantage of a purchase on plan is that there is no cost of renovation to provide.
The next step is to look for the good . Traditionally, it is part of a real estate program, carried by a promoter and accurately presented on their website (types of housing, benefits, prices). There is also a sales area, located near the construction site.
After choosing a program and a home, the buyer signs a preliminary contract (or booking contract) with the real estate developer. During this step, the buyer must pay a deposit up to 5% of the sale price, to signify his commitment. Therefore, he has a withdrawal period of 10 days.
Attention, these expenses of guarantee (just like the expenses of notary) can not be financed by a mortgage : the savings of the purchaser must imperatively be able to support these two amounts.
What are the financing solutions?
To finance the property itself, the buyer turns, most of the time, towards a mortgage . Like a traditional loan, it is appropriate to address the banking organizations, with a well-established file, to solicit an offer of loan.
However, the nature of the investment involves a particular arrangement . Beyond the rate charged, the buyer must look closely at the interest . In other words, the interest he will have to pay before the property is delivered: when buying off-plan, he only starts to repay the borrowed capital from the actual delivery of the property.
The loan is also subject to calls for funds , regulated by the Construction Code, which allow the purchaser to pay his property as the work progresses:
-35% of the price of the property upon completion of the foundations. Note that it is at this point that the acquirer must start paying the interim interest.
-35% of the price of the property when the water is out of the water (when the roof is laid and the watertightness of the terraces realized)
-25% of the price of the property at the completion of the work (all that remains is the interior design to be done)
-The remaining 5% are due at the reception of the works.
The assistance of a real estate broker
The assistance of a real estate broker in setting up and monitoring the financing of a purchase on a plan is a valuable asset : its know-how and experience will highlight the potential flaws in the proposals and its fierce negotiations will get you the best borrowing conditions.
At the handing over of the keys, the buyer is invited to check everything before settling down : any lack of conformity, defects in construction, visible or hidden, will involve guarantees (perfect completion and decennial).