How to buy?

Buying an Off Plan Property, or still in construction phase, is becoming increasingly popular in Portugal, as it offers the buyer a substantial reduction in price and the possibility that the payment can be spread over the entire purchase period, until the property is handed over. Properties under construction are available in the Algarve and include luxury flats, villas and townhouses. The quality of new property in Portugal has improved significantly in recent years and generally ranges from good to excellent. Learn about the advantages of opting for a VAP Off-Plan Property.

Advantages

The prices of new properties vary considerably according to their location and other characteristics. However, opting to buy an Off-Plan Property does, in most cases, offer lower prices than an existing property, which may already be several years old and may require modernisation or renovation. In the case of a freehold property, the price is fixed, unlike the cost of renovating a property, which may exceed the initial estimate.

Some developers allow you to choose the interior decoration. If you buy a property still in plan, you can usually choose not only the decoration but also various features of your property: room layout, colour palette, type of flooring, tiles, heating, etc. These changes can be included in the final price of the property. We therefore recommend that if you want to make changes to your property, you ask for them during the construction phase.

Being among the first buyers gives you the chance to choose from the best units in terms of location, solar orientation, visibility and other specific characteristics.
Maintenance and renovation costs are minimal, and the purchase discount and payment schedule based on the construction schedule are an advantage.

Decision process

Buying a property still in the planning stage requires a little imagination in order to be able to visualise your investment when completed, but also some caution. The following topics should be examined before making a final decision:

• Make a comparative analysis between the value of the property and the market values in the region.
• The quality of a property and the materials used will be reflected in the price. Therefore, when comparing prices, make sure you are comparing similar qualities
• What is its potential on the rental market (if this is your case)?
• What are the references for the area and what are the expectations for the property's appreciation?
• Check the number of properties for sale to avoid the risk of saturation
• The quality and credibility of the developer and what guarantees are offered?
  What are the condominium and IMI fees?
• What are the building's selling points and what kind of services are offered?

Buying process

There are usually three basic stages:

• The reservation, where the buyer will have to pay a deposit to reserve the property
• The signing of the promissory contract of sale (CPCV), in which another deposit (usually 10% of the total value) must be paid, and which must contain the following clauses: definition of the works schedule until completion and definition of payment deadlines.
• Once each stage of construction has been completed, payment will be made. When a building is bought as a blueprint, payment is made in stages according to the progress and development of the work.

Note: it is important to ensure that each stage is satisfactorily completed before making payments.

For VAP Real Estate, it is essential to work with very strict and rigorous acceptance criteria before agreeing to put a property on the market. As such, you have our guarantee that all such cases (sold through VAP Real Estate) will have passed our list of strict criteria.

By opting for a VAP Real Estate Off-Plan Property, you'll be able to see the various properties still in plan, discuss drawings, layouts, construction quality, orientation, areas (m²), finishes, materials, etc., that match your needs and expectations. We'll also give you a full presentation of each property investment opportunity.
Does the area suit your personality?
Do you want peace and quiet or to live in a livelier area?
Are you looking for a property with a pool, close to the beach, or a property with a fantastic view of the golf course?
The options are endless!

Let us help you find your dream property in Portugal.
If you need more information, do not hesitate to contact us.
Choose to live in Portugal! Choose with VAP Real Estate.