What are the main advantages of buying new build property in Spain?
A new home or a resale property? That’s a question that many potential buyers ask themselves before making one of the most important investments in their life. The answer obviously depends on individual circumstances, but in general, new developments offer the following advantages over resale homes.
1. Payment flexibility
Perhaps the most obvious advantage of buying new off-plan build property is the cost effectiveness as you can spread the purchase over the period of construction and as they only require a low entry deposit, unlike resale properties where you must complete the purchase in full.
Most of the new off-plan developents require a 30% down payment followed by the balance 70% paid upon completion with title deeds and key ready. In some cases the down payment can be as low as 15% with stage payments in between prior to completion.
Buying off plan also gives you more time to shop around for and negotiate the best mortgage!
2. Energy efficiency
One of the biggest benefits of new homes is their energy efficiency, usually A, B or C rated. Spanish construction regulations means that developers have to comply with energy measures. This means less energy consumption that translates to cheaper utility bills.
To enhance energy efficiency, new homes also use higher quality materials. This means that new developments must have a smaller carbon footprint as well lower energy use.
A major advantage of buing off-plan at the beginning of a new development is the possibility to customise the interior to your personal taste and to choose from a range of optional fittings, kitchen units, colours, tiles etc.
4. Move-in, or key-ready new developments
Buy a new home that is finished and ready to move in straight away and not have to do any refurbishment! You already know exactly what the property is going to look like and include. So, as soon as you complete the purchase, it’s move-in ready.
And another advantage of buying a new build rather than resale property comes in the guarantee from the developer. Under Spanish law, you have a year to claim against defects on finishes, up to three years for installations and ten years if it’s a structural fault. With resale properties, on the other hand, it’s difficult to claim against the previous owner.
5. Communal areas
The New Developments of today generally come with well-equipped communal areas. These often include more than gardens and children’s playparks. A pool is often a given (sometimes two with one for children and even indoor heated pools too) as well as sporting facilities such as paddle tennis, gym, spa and outdoor exercise areas and running tracks. Coworking areas, cinema and club rooms are now very popular too. Plus owners normally come with one or two garage parking spaces, charging points for electric vehicles and the all-important storage room.
Gated urbanisations, CCTV, manned security, concierge services and home intelligent domotic systems are now commonplace features of new developments as developers respond to the demands of discerning clients to incorporate more facilities, 'Price is what you pay, quality is what you get' Warren Buffet.
7. Choice of location
As with resale properties, the most important factor influencing your choice of new build is always location. Whether it's Malaga City, Torremolinos, Benalmadena, Fuengirola, Mijas Costa, Marbella, Puerto Banus, Benahavis, Estepona, Casares, Manilva, Sotogrande or San Roque, you’ll soon realsise that no longer are developers building way up in the hills where there is no infrastructure, but only in convenient locations where all the amenities are close at hand. All enjoy prime positions along the Costa del Sol, and the best locations in Southern Spain.