A property on blueprints is about the design and the construction plan of a house without any structure already made. Here are the disadvantages of buying a property on blueprints.
Many experts in the sector say that it’s a profitable and much cheaper process although this doesn’t mean it’s perfect.
Buying a Property on Blueprints
It may sound like a strange idea to acquire a property just by looking at it on a paper, but even so, many people do it.
You have to keep in mind many things before dealing with a process like this.
Since it is very different from acquiring a property already built and with a key in hand.
Up next, some disadvantages of buying a property on blueprints.
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Scams by the construction company
Companies that only take the money and disappear; or companies that deliver a design nothing like the plans they showed you at first; are very common in processes like these and anywhere in the world.
This is why; you shouldn’t give your money so easily to anyone.
The best thing is to investigate very well the experience and trajectory of the company in charge of the project.
You should also check if it’s legally registered in a housing control department; or in the real estate planning offices of Mallorca.
Arrears in terms of delivery
Construction companies usually don’t begin construction of the property until just over half of the houses in the complex are sold.
Which may mean a delay in delivery.
In addition, for a construction several permits are required and obtaining them for the start of construction also supposes a great delay.
In the same way, external factors such as rainy seasons can completely stop a construction.
For these reasons and more, the delivery of the property could be delayed much more than you expected.
Changes in contract conditions or blueprints
A person who decides to acquire a property on blueprints, in one way or another, runs the risk of changes in the characteristics of the property and its materials.
Also, someone could modify the clauses of the contract and vary the price originally established.
To avoid this type of inconvenience, you must demand copies of all documents, including blueprints.
Thus, if there is a change that you have not approved, you can proceed legally and demand that the money be returned to you.
Or that the construction be carried out exactly as agreed.
If you really want to acquire a property on blueprints we recommend that…
- You read the contracts very well, agree with everything and have copies of the documents
- Make payments only to the bank and NOT some random person
- Use a trusted real estate company to help you with the process and verification of the construction company