Real estate: beware of the risks of buying off-plan

Published

Article written by

G.de Florival, S.Feydel, Q.Gilles, M.Niewenglowski, N.Picard, J.Pires – France 2

France Televisions

Buying an apartment is a dream that can turn into a nightmare. Between late deliveries and poor workmanship, promoters’ promises are not always kept. This is the limit of the purchase on plan.

Buying a new home off plan is a bet that can be risky for buyers. Between construction delays and poor workmanship in new housing, disputes have exploded in recent months. Mark Consogni will soon be the owner of an apartment in a building in the Paris suburbs. It is a 27 square meter studio that he wanted to rent, but the delivery is two and a half years late. Electric cables still protrude from the ceiling and materials are waiting to be laid. The father of the family is worried, because he has already repaid the loan he took out three months ago.

On average, a third of buyers who buy off-plan face delays. And the problems continue on delivery. Julian Sabathier has owned a new home for three years. For him, the worries accumulate. The wood of the windows is falling apart and a split is visible in one of the bedrooms. In the common areas, electrical cables are exposed and cracks have formed on the walls. The developer says he has started work, but for him, the person responsible is the builder of the buildings.


source site-19