The lower price of buying a house on the basis of the blueprints stems from three issues: the keys are not handed over right away, rather in one to four years; the initial money paid by condo owners is often used to finance part of the construction and you commit to buying the home without actually seeing it, despite simulations on models, pilots and 3-D graphics.

Tips for signing the contract
One of the most common procedures for buying through blueprints is for the buyer to make a down payment that is discounted from the final price of the home. Through this document buyer and seller agree on when to hand over the keys and on formalizing the deed in a given period of time. There are two kinds.

In the first, either side can pull out but must pay a penalty. The buyer loses the down payment if they decide not to buy the house. On the other hand, the buyer must pay double the down payment if they decide not to sell the house after the contract is signed.

In the other kind of deal, both sides must carry through once the contract is signed.

Cautionary measures that the buyer should adopt include checking the property registry to make sure the real estate promoter does in fact own the land where the home is being built. Also, watch to make sure the builder fulfills the contract, in everything from the land to the quality of the construction materials.

If the buyer wants to change to what the architect set out in the blueprint� -improving the quality of the construction materials or the layout of the rooms, for instance- this must be stated in the sales contract, if the condo association allows it. Otherwise, the buyer has to wait until he or she takes possessioin of the home. This may turn out to be more expensive because it will involve tearing down walls and such to do the remodeling.

Opportunity for investors
While for some people this option means a chance to buy a house at a below-market rate, for others it is an extradordinary opportunity to speculate. Sales of this kind of property in these years of the go-go real estate market is one of the most common investments, with high profits in few years. It is simple.

The first step is to find a solvent, attractive real estate promoter. Once the property is chosen, the investor commits to making a down payment (never more than 20% of the initially agreed price) and make further payments until the keys are handed over. This business is possible only when the contract signed with the condo association does not bar resale of the property before thet deed is signed. At that moment, the investor only has to put the home up for sale and find someone willing to pay the market rate.