advantages of buying off-plan on the costa del sol
Welcome to our video introduction on buying an Off-Plan property on the Spanish Costa del Sol.
The Costa del Sol - holds the prestigious title of being the premier choice for discerning second home buyers and astute property investors in search of exceptional high-end real estate offerings. With its unrivaled allure the Costa del Sol offers buyers the privilege of convenient accessibility, courtesy of Málaga Airport which boasts direct flights from an impressive array of 151 destinations.
LIVE, WORK & PLAY! - Experience a vibrant lifestyle, Mediterranean climate, healthy cuisine and the affordable cost of living which attracts a significant number of international buyers to this region.
In this video - we'll be taking you through the main steps of buying an Off-Plan property on the captivating Costa del Sol in the beautiful region of Andalucía.
Let's dive in - So, what is an Off-Plan property? A property in a new development under construction or a project pending the building licence and start of construction. Essentially, you are buying a property based on the project plans and designs that have been created by the developer's architect.
Buying Off-Plan - is the smart way to own a brand-new property in Spain at up to 30% below the market value! The launch of a any new development project is the optimum time to leverage the investment and yield the maximum profit. And being in from the start means you'll have the advantage of choosing from a wider range of units available, ensuring you get the one that best suit your preferences, views, position, orientation, and more.
What are the key advantages of buying Off-Plan? - An opportunity for a low entry investment and being able to spread the cost of the purchase, requiring only a 30% down payment, with the remaining 70% balance payable upon delivery key-ready, allowing for a flexible timeframe of up to 24 months from the start of construction. The developer's price is fixed upon signing the purchase contract and all payments are bank guaranteed under Spanish regulations, for the buyer's protection and peace of mind. Ask about incentives and special offers, such as developer's pre-launch prices, and furniture packages. New builds offer the latest modern contemporary designs, innovative technologies and high end qualities and finishes. And usually come with enhanced onsite facilities such as a gym, social and coworking areas, heated indoor pool and spa. You may also have the possibility to personalise your new home, with a choice of colours, kitchen designs and optional extras.
The buying process - Select a local real estate agent that specialises in new build construction and off-plan developments. To secure a property off market, you'll sign the developer's reservation document and put down a deposit, usually 6,000 Euros Your solicitor will ensure that developer has all the necessary permits and permissions in place and provide you with a detailed breakdown of costs. Normally within 30 days from the reservation, you'll sign the developer's purchase contract, which details the property in full with the floor plans, price, payment schedule and completion date.
The Buying Costs - The applicable taxes are 10% VAT (IVA) and 1.25% Stamp Duty (AJD) on all new build properties sold in Andalucía Be sure to check out the costs of ownership! Such as community fees and the annual council tax, called 'IBI' though these are typically much lower than buyers' expectations in their home countries.
So there you have it! - A brief insight into buying an off-plan property on the captivating Costa del Sol. The benefits can be significant, and it's a great way to own a brand new customized property in a stunning location, at the best possible price! As always, it's important to do your own research and seek professional advice before making any major investment. Leave the hard work to the Professionals! We're here to help you with expert advice - on NIE's, Golden Visas, Mortgages, Lawyers, Currency Specialists and Home Furnishings.
Planning a viewing trip to Spain? - Let us help you to find 'Your own paradise in the Sun'. We have an extensive selection of over 200 new developments that cater to all requirements. Whether you're looking for a holiday home to enjoy with family and friends or an investment opportunity for optimal rental returns. We have what you are looking for! Take the first step towards owning your dream home. Count on our vast local knowledge & expertise to guide you through the entire process. At Property Directors we are here to answer any questions you may have?
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