Buying off-plan real estate is a long-term investment option. If you have enough time and free money to make it work, off-plan projects are your option. The source http://spain-real.estate/ will tell you about the features and benefits of off-plan real estate in Spain.
Features of off-plan property in Spain
Off-plan real estate implies the purchase of any property under construction. Depending on the stage of construction, such offers may be more or less attractive. The earlier the construction stage is, the cheaper the housing will cost.
The advantage is to divide the purchase amount into several payments (for example, 10% of the price, depending on the stage of housing construction). Many developers offer individual payment plans, which is also an advantage for investors due to lower risk.
Advantages of buying Spanish housing under construction
From the buyer’s point of view, investing in housing under construction has five advantages:
- Accessibility. Depending on the construction stage, the apartment may cost 25-30% cheaper;
- Fully finished apartment in a new residential complex, the market value of which is higher;
- Ability to change the layout of your apartment. For example, reduce room size;
- Flexible payment plans;
- A broad range of offers.
Saving project costs is a bonus for the developer.
Disadvantages of off-plan property in Spain
A person who has decided to invest in housing under construction may face the following disadvantages of such projects:
- Misperception of expectations due to misinterpretation of the development plan;
- The quality does not meet the stated requirements. In case of gross violations, the investor may demand compensation or file a lawsuit;
- Construction delay. There may be several reasons for this: lack of funding, wrong timing, or other factors independent of the developer. Before signing the contract, it is necessary to check a completion date;
- The bankruptcy of the company followed by a change of the developer.
The standard payment schedule for real estate in Spain includes:
- 10% of the value of the housing when signing the contract;
- 10% during foundation construction;
- 20% when the walls are built;
- 20% after the construction of the roof;
- 20% at the final stage of construction;
- 20% last payment after receiving the keys.
The schedule can be made on a case-by-case basis. You need to talk to your developer about this in more detail.
Assistance in buying real estate in Spain
Are you looking for great deals to buy a new apartment in Spain? The official website Spain-Real.Estate will provide you with detailed information, help you find a suitable home in Spain, and organize a safe transaction to purchase a property in Alicante.