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buying off plan........oh dear

buying off plan........oh dear

Old Aug 10th 2008, 4:01 am
  #31  
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Default Re: buying off plan........oh dear

Originally Posted by Mitzyboy
Yes it was! The link took me to a developers forum. Post the link to a blog and you can put it here. I only enforce the rules, not make them!
Funny the first link was not a commercial site?
http://www.telegraph.co.uk/global/ma...n-property.xml
You allowed that.
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Old Aug 10th 2008, 4:04 am
  #32  
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Default Re: buying off plan........oh dear

Originally Posted by sagalaut
Funny the first link was not a commercial site?
http://www.telegraph.co.uk/global/ma...n-property.xml
You allowed that.
Thats a link to a newspaper and is allowed

Please stop discussing moderation on the forum, if you have a problem do it by pm or report it to admin
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Old Aug 10th 2008, 4:22 am
  #33  
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Default Re: buying off plan........oh dear

I think that the confusion here stems from the definition of "Buying off-plan".
The way that Mitzy did it, through a small local builder, is usually the safe way, whereas buying on a large development or urbanisation, where you are told that the rental income will cover your mortgage etc, is the silly way.
Mitzy, I would define your circumstances as having had a house built, not buying off-plan.
I bet that has helped this discussion!
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Old Aug 10th 2008, 4:36 am
  #34  
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Default Re: buying off plan........oh dear

Hi all,
Just to add some of our experience about buying off plan.
We used a local well respected builder, who was building 8 properties in a cul-de-sac. He wanted stage payments, but we said no. We would pay 30% then the rest, by way of mortgage on legal completion. Some of the others paid in insalments. We used a solicitor from a different town, no connection to builder. Our contract had various "get-out" clauses, including delays, non completion, if property found to be illegal or any problems with escritura etc...Also we could pull out in Bank refused a mortgage.
Build took 13 months from field to the completion of the 8 houses, tarmac streets and lights etc...
This was in March 2005.
Just take care, get a good solicitor and use some common sense. It can be done.
LMJ
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Old Aug 10th 2008, 4:38 am
  #35  
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Default Re: buying off plan........oh dear

Originally Posted by valenciatim
I think that the confusion here stems from the definition of "Buying off-plan".
The way that Mitzy did it, through a small local builder, is usually the safe way, whereas buying on a large development or urbanisation, where you are told that the rental income will cover your mortgage etc, is the silly way.
Mitzy, I would define your circumstances as having had a house built, not buying off-plan.
I bet that has helped this discussion!
Hear Hear
Thank you SENIOR MEMBER

Last edited by sagalaut; Aug 10th 2008 at 4:46 am.
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Old Aug 10th 2008, 5:03 am
  #36  
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Default Re: buying off plan........oh dear

Originally Posted by valenciatim
I think that the confusion here stems from the definition of "Buying off-plan".
The way that Mitzy did it, through a small local builder, is usually the safe way, whereas buying on a large development or urbanisation, where you are told that the rental income will cover your mortgage etc, is the silly way.
Mitzy, I would define your circumstances as having had a house built, not buying off-plan.
I bet that has helped this discussion!
Well sort of.
As I said .... I researched the builder.

The builder has been building houses on this mountain for 20 years. I was able to see what he had built in the past, and able to talk to owners.

As a result of him being a longstanding builder, there are hundreds of houses dotted around on this mountain. I wouldn't call it an urb, more a small new village, and we have no urb fees. But it was off plan .... I had four or five different designs to choose from, and this was one of five villas being built at the time in different stages of finalisation.

I wouldn't have necessarily have ruled out buying on a large urb, but it would have had to be right. As I've posted before, I would never consider buying one of these boxes on urbs, because I dont think I would ever be able to sell it, unless at great loss. I bought on an established development, which is what I advocated earlier

But at the end of the day it backs up what I said ... take care and do your research.
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Old Aug 10th 2008, 5:34 am
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Default Re: buying off plan........oh dear

love buy pice off land and build from start
jurdy
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Old Aug 10th 2008, 5:38 am
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Default Re: buying off plan........oh dear

Originally Posted by jurdyr
love buy pice off land and build from start
jurdy
Yes indeeedeeee
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Old Aug 10th 2008, 8:55 am
  #39  
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Default Re: buying off plan........oh dear

I think Tim is right here, if you buy a house you are more likely to get a job finished on time if you put times and payments etc in the contract.
If you buy in an apartment block and they only sell a few, then you could be waiting ages for your finished product.
There are some people on the Portugal forum that paid their deposit 2 years ago and the build hasn`t even started yet.
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Old Aug 10th 2008, 8:59 am
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Default Re: buying off plan........oh dear

Originally Posted by jdr
I think Tim is right here, if you buy a house you are more likely to get a job finished on time if you put times and payments etc in the contract.
If you buy in an apartment block and they only sell a few, then you could be waiting ages for your finished product.
There are some people on the Portugal forum that paid their deposit 2 years ago and the build hasn`t even started yet.
My point was really that it's the perception of the term "off-plan". I know that Mitzy technically bought "off-plan", but not from a huge developer, that is where most of the pitfalls are.
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Old Aug 10th 2008, 9:06 am
  #41  
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Default Re: buying off plan........oh dear

Originally Posted by valenciatim
My point was really that it's the perception of the term "off-plan". I know that Mitzy technically bought "off-plan", but not from a huge developer, that is where most of the pitfalls are.
Which is part of the point I have been trying to make
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Old Aug 10th 2008, 7:35 pm
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Default Re: buying off plan........oh dear

jurdy

I have just the place for you............you have room for a pool.....ahhhh yes I can see you here...Views to die for....Sipping a glass of wine ......Having visitors knock at the door....... hope they are not too heavy handed .....Well I have a few brits interested and a Brit local builder who will fleece you....Thats Spanish for help I think...... And there's a Lee roy merlin not far away. I know I kept the best till last.. yours for............ 300,000 UK pounds show 20000 rest well you have a large suitcase don't you.. I await your call but be quick. The rest of the land is available if required. See Photo

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Old Aug 10th 2008, 7:43 pm
  #43  
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Default Re: buying off plan........oh dear

Originally Posted by jurdyr
love buy pice off land and build from start
jurdy
Jurdy


See Above
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Old Aug 10th 2008, 8:24 pm
  #44  
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Default Re: buying off plan........oh dear

Originally Posted by poshnbucks
jurdy

I have just the place for you............you have room for a pool.....ahhhh yes I can see you here...Views to die for....Sipping a glass of wine ......Having visitors knock at the door....... hope they are not too heavy handed .....Well I have a few brits interested and a Brit local builder who will fleece you....Thats Spanish for help I think...... And there's a Lee roy merlin not far away. I know I kept the best till last.. yours for............ 300,000 UK pounds show 20000 rest well you have a large suitcase don't you.. I await your call but be quick. The rest of the land is available if required. See Photo
Wow! That's one of them 'just requires minor work and it'll be ready to move in don't worry we know a great builder who will do whatever you want for £5,000 and yes of course it's a fully legal home not really a toolshed' type houses.

Where can I sign up for the £50 inspection trip? Can you also recommend me a really good independent solicitor? Will Bin Ladens do for the outstanding balance?
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Old Aug 11th 2008, 1:15 am
  #45  
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Default Re: buying off plan........oh dear

OK, so I am one who has bought "off plan", but in the UK and as part of a huge development with many different builders. As far as I have read there is/was the investment type of buying off plan whereby an initial deposit fixed the eventual buy cost of a house/apartment and (in the days of rising prices) the buyer would seek to sell on the house at the new higher value, thus creaming some profit for zilch. Then there is the buying off plan where it is not for a quick buck investment but for a house you want to move to at some time in the future and putting a deposit down fixes a purchase price a year or more in advance of completion and thus gives you some platform on which to sell your old house and plan the financing of the new one. The problems seem to be where the whole development is in the hands of one developer and if there are too few buyers off plan, a bit like Ryanair, they might just cancel or postpone the building. In my case there were loads of different builders and thus the infrastructure was not tied to one development but was part of the local government plan. As it happens I bought off plan in 1989 just as the UK market dipped, or more accurately just after the initial dip of 30% but I then had to watch the build like a hawk to make sure the builders didnt cut corners and prejudice the build quality. My house was one of a few which actually was built to the show house specs and they even took some stuff, like real brass door handles, from the show house when I pointed out that the plastic ones were not the agreed spec. Showhouse then got the plastic ones!

In the current Spanish building climate, I dont know if I would buy off plan at all unless it was a small urb or individual where the necessary infrastructure of electric, water, drains etc was pretty much secured.
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