NEW BUILD? RESALE? OFF-PLAN? BANK REPOSSESSION?
What kind of property would you choose to buy in Spain and what are the advantages and disadvantages?
NEW BUILD :
This means just that it is newly-built and never been lived in. These properties are often ultra-modern in design though some developers still offer traditional styles as well. The advantage is that these properties have been built to today’s building standards and come with a 10 year warranty just as in the UK, which is transferable during that period if you re-sell the property. Having said that, some “New Builds” have been built during the recession but never sold. They can offer good value if they have been regularly inspected and the developer has put right any minor faults while they have been standing empty. Again they have never been lived in, which is a requirement for some people.
RESALE :
There is a large market in resale properties of all kinds. From rural Fincas to coastal Penthouse Apartments. many offer good value for money if you are sure of what you are buying. Recently-built properties will more than likely come with high standards and may still have time to run on a 10 year warranty. Older properties may need modernisation and updating, something of which you need to be aware when budgeting to buy. More modern developments come with electricity, water etc connected! In rural areas these may not be connected to the property as standard. The location may be idyllic but lacking mains water, telephone, TV links etc. It shouldn’t be underestimated the cost of connecting up. Especially if the property is located down a private track or road.
OFF-PLAN :
Yes we are back to this kind of property-buying! This is where you look at plans and computer images but no real property! Some developers do now put up a show-house. In the past some people have had problems with guarantees (AVALES) on this type of property when putting down a deposit and then subsequent stage payments. We specialise in helping people sort out their problems (on a fee-paid basis). Do not proceed if you don’t get a guarantee. So you may ask “Why bother with this type of purchase?” It may be that the property has special attractions to go with it e.g. a coastal plot where these are in short supply or a certain property type in a particular location. Sometimes it is just that you fall in love with the plans and projected property.
BANK REPOSSESSIONS :
These are just that, properties which are now in the ownership of the bank who lent the money to a buyer or developer, they have reneged on that loan so the bank has repossessed .the property/properties. Banks are not estate agents so they do not always present their properties in the best light. They take them over but do not work on them so what you see is what you get. There are some good bargains to be had and it may enable you to buy a property at a price which is affordable now but was out of your price bracket before. It may mean that the property needs cosmetic (or more) work and sometimes kitchens and bathrooms will need to be fitted out but the property may well still represent good value for money. If the property is high-quality build in a good location and is the only one available, you may have to make a quick decision about buying. We have had people who missed out on a purchase because they didn’t act quickly enough. Be careful because we know of properties classed as bargains but were still more expensive than ones still on offer by the developer!
WHATEVER TYPE OF PROPERTY YOU BUY ENJOY YOUR PURCHASE.
You May Also Enjoy
Average monthly mortgage payment down £119 year-on-year in January
Homes with a great view command premiums
More sellers looking to enter the property market
Non-standard home insurance cover and how to get it right
Should you change mortgage lender?
