Why Buy Off Plan in Spain?
Choosing between newly built, resale or off plan properties can be difficult. At XPat Direct we know this and for this reason, we have put together a brief list for you to think about before making any big decisions:
- Spread your costs.
After paying the initial reservation fee and deposit, buyers are able to break down their payments into installments throughout the stages of construction. This often makes off plan properties a more affordable option for homebuyers and investors.
- Value increase due to capital appreciation.
Many home buyers and investors are drawn to the idea of buying off plan due to discounted prices that developers can offer; making this option more affordable and attractive, with the added bonus of capital appreciation due to the increase of the value of the property.
- Developers’ finance deals available.
To add to the convenience of installments and the potential of adding value to the property before completion, developers often add the extra sweetener of offering great finance deals; including lower interest rates on repayments and further discounts.
- Developers’ Guarantees.
As to be expected, developers in Spain offer ‘snagging’ guarantees, which as the name suggests, ensures that the developer corrects any issues with the property. A wise move in any country and with any developer is ensuring the snagging agreement is signed and agreed before completion. This can avoid problems or delays further down the line.
- Efficient Builds.
Although many resale properties have been updated and/or improved, the reality is that new developments are generally built to higher building specifications and include all the modern touches one would expect from a new build. This means that the properties are more energy efficient and cheaper to run.
- Personal touch
There are lots of opportunities to have an input during the building phase to enable you to put your own touch on your new home. Choosing the bathroom suite, colour of the carpet and finish on the kitchen counters are some of the options developers may offer.
- “If you build it, they will come.”
It is no secret that brand new rental properties are easier to market and rent out. There is less wear and tear and the building specs are more likely to be more modern and efficient to run than the average resale property.