Buying off-plan (VEFA) in Senegal differs from purchasing an existing property. This method of acquisition involves purchasing a home whose construction is not yet complete, or even where construction has not yet begun. The expression "buying off-plan" is commonly used. This article will explore how this acquisition process works and its advantages.
VEFA: HOW DOES THE PURCHASE PROCESS?
Buying off-plan in Senegal takes place in 3 phases :
- The reservation contract : This is the first step. After identifying the new development that interests them, the buyer will have the opportunity to inform the property developer of their intention to purchase a unit in that residence. This is the reservation contract. This document contains all the information concerning the reserved property (price, structure, financing method, payment schedule, condominium regulations, amenities, etc.).
- Signing the sales contract : This step takes place at the notary's office to guarantee its authenticity. Based on the reservation contract and after verifying that there are no discrepancies, both parties sign this final sales contract, which legally validates the buyer's acquisition of the property and their staggered payment plan.
- Delivery : This takes place once the work is completed. The buyer can then visit their new home to check for any defects. Once this step is completed, the keys are handed over.
PAYMENT IN INSTALLMENTS OVER TIME
This is one of the unique aspects of buying off-plan in Senegal. Unlike a traditional purchase where payment is made in a single lump sum, buying off-plan involves staggered payments based on the construction phases. These different phases are generally organized as follows:
- 35% of the total amount upon completion of the foundations.
- 70% of the total amount upon completion of the building's weatherproofing or when the walls, roofs, and framework are constructed.
- 95% of the total upon completion of the work
- 100% of the total when the goods are delivered.
Generally, an initial deposit of 5% is paid upon signing the final contract. This is followed by the staggered payment schedule described previously.
THE DIFFERENT GUARANTEES
Buying off-plan in Senegal offers several guarantees to the buyer, particularly those related to the construction of the residence. Indeed, the ten-year structural warranty and the warranty of completion will further secure your investment. These are generally offered by developers, providing reassurance to their potential clients. A two-year warranty may also be offered. Also known as a " warranty of proper functioning ," it covers the repair or even replacement of any equipment that can be separated from the building.
Other guarantees are added, and we advise you to favour developers who can provide these guarantees in order to secure your purchase.
THE ADVANTAGES OF OFF-PLAN SALES IN SENEGAL
Buying a property off-plan (VEFA) offers the opportunity to access a brand-new home . Depending on the standard and materials chosen, you will benefit from a modern home that is generally much more energy-efficient compared to older properties.
The same applies to potential shared maintenance work that can be found in older buildings. A new building will be spared years of roof repairs and other maintenance. This is significant, as such work is very expensive.
Finally, off-plan sales in Senegal are regulated by law, represented by a notary . This further secures the investment.
Visit our New Development Program section in Senegal .