Do you dream of fresh air, hiking, and unlimited ski sessions? The idea of buying a property in the mountains has certainly crossed your mind. Purchasing a new property off-plan (VEFA - Vente en l'État Futur d'Achèvement) has different specifics from a traditional real estate purchase. Indeed, a VEFA purchase involves acquiring a property based on plans, therefore not yet completed.
VEFA: How does it work?
VEFA allows a buyer to become the owner of a property in its future state. Thus, the constructions gradually become their property as work progresses. The purchase is made on the basis of a plan, a 3D model, or a simulation that allows the buyer to project themselves. They must also have all the characteristics of the housing, and developers also include the type of finishing and materials used to aid this projection even further.
Purchasing a property in future completion allows for significant savings compared to buying an old property or at least one already built, especially thanks to reduced notary fees and aids set up by the State to encourage the construction market.
Staggered payments
As the real estate is sold on the basis of a plan, the developer remains the project owner until the property is delivered. Unlike an old property, the buyer does not pay the full payment. It is staggered according to the progress of the work:
- 5% at the signing of the sales contract
- 30% upon completion of the foundations
- 35% upon the property being made watertight
- 25% upon completion of the work
- 5% upon final delivery of the property
The reservation contract
Before making the sale, it is necessary to draw up a reservation contract which is specific to VEFA. This contract is signed between the buyer and the developer in a private agreement and must contain detailed information about the property. The signing of this contract also involves the payment of a deposit, which ranges from 2% to 5% depending on the project's completion date. A registered letter is then sent with the contract countersigned by the developer, giving the buyer 10 days to withdraw and recover their deposit without penalty.
The guarantees offered by VEFA
To protect the future buyer, the sale in future state of completion is highly regulated, especially for the developer who must offer several guarantees.
First, the developer must ensure the perfect completion guarantee which covers all defects and faults for 12 months following the final delivery.
Then, the two-year warranty ensures the protection of the second work for a duration of 24 months, and the ten-year warranty protects against all failures that would compromise the solidity of the building for a duration of 10 years.
Finally, a damage work insurance is taken out by the seller to ensure rapid repair without the need for a prior liability search.
All these elements allow the buyer to protect themselves and have guarantees on the final result, but also the reliability of the installations over time. VEFA thus offers a safe solution to invest from a plan, as everything is implemented so that said plan serves as a reference in case of dispute. It is therefore important to study it carefully.
The advantages of acquiring a new property in Megève
Becoming the owner of a new property in the Alps confers numerous advantages: more comfort, more space, optimized layout. The offered properties are brighter, and sometimes offer very high-quality services, such as the possibility to have "ski-in, ski-out" access to the slopes.
