Buying an apartment on the floor plan means that you will be purchasing a property that is under construction or is yet to be built.
But is there really an advantage in buying something you still can’t see? Before answering this and other questions, it is important that you assess the goals you have for the property.
Is it for immediate housing or for investment? If it’s for housing, what is the urgency level to occupy the new property? Are you paying rent or can you wait for the construction time of the development?
These are the main questions to decide whether buying an apartment on the floor plan is worth it or not. We have separated below advantages and disadvantages to help you make that decision with more security and peace of mind.
Advantages of buying property on the plant
Affordable price and good payment terms
One of the biggest advantages of buying an apartment in the plant to is that the price is usually more affordable than an apartment ready.
Up to 20% cheaper than a finished property, the projects purchased on the plant require a minimum down payment and the installments may have values lower than the rent.
In addition, some construction companies offer the benefit of paying the entrance to the property in installments until the keys are delivered, for example.
If you are not in a hurry to make your dream of your own home come true, you can wait for construction time, and, above all, you want to buy property with little money, the value of an apartment on the floor plan may be more affordable among the possibilities of the real estate market.
A point of attention is the amount of interest charged! It is important that you do the calculations and assess whether at the end of the settlement you will not be paying a much higher amount.
In the financing in the plant, the property is new
As much as buying an apartment in the plant requires waiting for the completion of the work, in the end, you will have a property built with new materials, and for which the construction company will have full responsibility.
Buying an apartment on the floor is a guarantee that you are buying a property with a new and modern installation. This will help you save on apartment maintenance, as well as allowing you to customize it as you see fit.
More time to save
Apartments for sale in the plant are usually ready in one or two years, which means that you will have time to plan financially and not have a headache. In addition to being able to pay the down payment in installments, having this time available will help you save for the renovation of the property.
As you won’t need to rush into things, you can search in different places, budget with different suppliers, negotiate the labor for each phase of the work and buy many of the materials and furniture in installments.
In addition, buying an apartment on the floor plan has a great advantage: you can plan the entire payment for the property over a longer period.
You will need to pay a small part of the amount during the construction phase and most of it after the keys are delivered, and you can pay it in installments according to your need.
It is possible to customize some rooms and save on labor
When buying a finished apartment, you have to adapt to its shape, but in some properties on the plan, the construction company allows the customization of some rooms.
It is possible not only to change measurements of some areas, but also some finishing materials used, such as floors, faucets and cabinets. This item is directly associated with planning.
If you are financially well organized, you will be able to put a material with a better quality even in the construction phase of the property, advancing the completion of your unit and saving on labor, as you will use the work of professionals from the construction company itself.
IPTU exemption until delivery of keys
Spending on a property goes far beyond the payment of a portion of the materials and furniture purchased to make the new home look like you.
For all people who occupy a property, there is a need to pay IPTU or Urban Property Tax. But why are we talking about this if the theme is to buy an apartment in the plant?
Because that’s another one of the many advantages of this type of investment. When buying a property, every beginning of the year you will also have IPTU costs. However, while your property is under construction, you will not need to pay this tax until the keys are handed over.
So you don’t have to tighten the budget. Sounds like a good deal, right?
Disadvantages of buying apartment on the floor plan
Construction company reputation
This is a question that makes many consumers apprehensive. This is because some companies tend not to deliver everything they promised on the project’s floor plan.
Rooms with dimensions and finishes different from those advertised at the sale of the property and other such irregularities can be found if you close a deal with an unreliable or disreputable builder.
Therefore, avoid surprises and consider this choice judiciously and prioritized. Also, if you already know that the construction company does not have a good reputation, and still decide to do business with it, it is better to be prepared to face other problems, including the delay in delivery.
Delay in delivery of the property
When buying an apartment on the floor plan, you will receive an estimated completion date and key delivery date. However, there are many cases of non-compliance with deadlines in the construction of projects, these delays can vary from 6 months to 3 years.
Among the most common reasons for delay are the local weather conditions, problems in the coordination of the work or with some documentation.
Even though it is something very frustrating and unpleasant, in this situation you can still count on a good advantage: owners who have their properties overdue for more than 6 months must, by law, be compensated with a fine per month paid by the construction company.