Buying pre-construction: the upside of new builds without the risk

Buying pre-construction (a property still being built, or that is only about to be built) has a real advantage: you usually get a lower price than when the work is finished, and you can pay in installments during construction. Many of Vallarta's best opportunities are like this. But since you are paying for something that does not yet exist, you have to shield the purchase with paperwork, not with promises.

Before handing over any deposit, verify three things about the developer: that the land is really theirs and free of encumbrances (with the certificate from the Public Registry), that they hold the construction permits and land-use approvals for what they are selling, and that they are someone with delivered projects and who can be held accountable. A serious developer shows you all of this without a fuss; the one who gets annoyed when you ask for papers is exactly the one to be wary of.

The pre-construction contract must put in writing what they are selling you: the exact unit, the measurements, the finishes, the total price and the payment schedule, the delivery date and, very importantly, what happens if the work is delayed or not delivered (penalties and the return of your money). Be careful how and to whom you pay: ideally your installments go by bank transfer and, where one exists, through an arrangement that protects your money while the work advances. Never hand over the bulk in cash or against a mere verbal promise.

At Services Vallarta, besides being accredited advisors we are architects, so we review both the technical and the legal side of a development before you commit your money. It is the best way to keep the good part of pre-construction without running its risks.

• Pre-construction offers a better price and payment in installments, but you pay for something that does not yet exist: protect yourself with paperwork.
• Verify before the deposit: that the land is free of encumbrances, that there are permits and land-use approval, and that the developer has a track record.
• The contract must set the exact unit, price and payments, delivery date, and what happens if there is a delay or breach (penalty and refund).
• Pay by bank, never the bulk in cash or against a verbal promise.

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