An off-plan sale, more commonly known as VEFA in Luxembourg, attracts many buyers every year.
In 2016, 1,812 units were bought “off plan” in Luxembourg, representing 37% of the total sales in the country. Customization, reduced costs, better energy performances, there are many advantages to buying off-plan. However, these kinds of projects are not made for everyone. Take this quick test to find out if you should go for it!
N.B. Randomise answer order
Q1: How important is your living space?
A) I need my living space to be totally personalised to fit my lifestyle.
B) My living space is somewhat important.
C) My living space is secondary.
Q2: How long are you expecting to live in Luxembourg?
A) I have no end date and would like to stay as long as possible.
B) I would like to stay at least 3 years.
C) I am probably not going to stay here very long.
Q3: How eco-responsible are you?
A) Ecology is very important to me, and I would like to reduce my footprint to the bare minimum.
B) Being eco-friendly is rather important, and I try to make small gestures to reduce my impact on the environment.
C) Ecology is rather secondary in my list of priorities.
Q4: How flexible are you in your personal life?
A) I have a lot of free time and/or am very flexible in my work hours.
B) I can be somewhat flexible concerning my work hours.
C) I have very little free time in general.
Q5: How well do you cope with big projects?
A) I thrive on leading big projects, and can cope with stress very easily.
B) I do not mind big projects, and can generally successfully complete them.
C) I usually do not enjoy projects, as they are a source of stress.
Q6: How much are you willing to spend on your home?
A) I would rather spend more and get better quality, even if it means less space.
B) I try to find a compromise between price, quality and space.
C) I would rather spend less and get more space, even if it means less quality.
You are made for the off-plan adventure! Eco-friendly, customized, and brand new, the finished project will be perfect for you. Despite the project burden and duration, buying off-plan will allow you to build the home of your dreams. And that is truly priceless!
Equal A + B
An off-plan project could be a good idea for you! There are many advantages: eco-friendliness, customization and the comfort of being in a brand-new home. However, you should really take in account the burden of the project, and the duration. Take in account that it will take at least 2 years to be built, and will require you to live in it for at least 2 additional years in order to take advantage of the various tax advantages.
Majority B [OR] Majority C + A [OR] Equal A + B + C
An off-plan project should be considered, but take your time to compare with an existing acquisition. Sure, your off-plan home will be eco-friendly, customized and brand new. However, it will require a lot of project management and a lot of time (2 years to be built, and an additional 2 years minimum living in it to take advantage of the various tax advantages). Consider both off-plan and existing, waiting for the perfect opportunity to arise.
Equal B + C
An off-plan project should probably not be considered. Sure, your off-plan home will be eco-friendly, customized and brand new. It will probably require too much management and too much time (2 years to be built, and an additional 2 years minimum living in it to take advantage of the various tax advantages). Consider an existing acquisition, but don’t close the doors to a really good off-plan opportunity.
An off-plan project is definitely not for you. The advantages (eco-friendliness, customization...) do not counterweight the disadvantages (project management, project duration...) You are probably best going for an existing acquisition, in which you can find many great opportunities.