Why choose a new development over a resale property?
The interest and demand for new developments on the Costa del Sol is exceptionally high, and new projects are added continuously on the entire coast. Here you have the option to choose between apartments, penthouses, townhouses or villas that are off plan, under construction or ready to move in.
These new properties are built in a contemporary design with open plan kitchen, large terraces, latest in technologies, etc.
Below we include several strong points
TERMS OF PAYMENT – In general, the purchase of a new home offers a greater margin of time and flexibility while the project is under construction. Usually, the following payment plan is established: 30% + VAT of the total price of the property at the time of signing the purchase contract, in some cases another 10% + VAT during construction, and the remaining 60% + VAT or 70% + VAT at the signing of the title deed and handover of the property.
Do you need a mortgage? We work with different banks and mortgage brokers and are happy to assist.
NO REFURBISHMENT AND MORE EFFICIENT – A newly built home is ready to move into and enjoy from day one. Also, all new homes must comply with a series of requirements in terms of energy supply installations, which translates into lower consumption & emissions, therefore, lower monthly costs. In addition, the materials and procedures used in new constructions are of better quality.
YOU CAN CHOOSE – New developments offer a wide range of homes, both in terms of type and number of bedrooms. You can choose the one that best suits your needs or preferences and pocket, this applies especially if you’re in from the beginning in a new development. Quite a few new developments also offer a the option to personalise your new home.
GUARANTEES – Newly built houses are protected by the builder’s guarantee for a certain period of time. Therefore, if a problem arises during this time, you will be able to make a claim. Spanish law grants guarantee periods depending on the type of damage that may occur in the home. The deadlines are as follows:
● 10 years for structural defects (beams, pillars, slabs, foundations, retaining walls, etc.).
● 3 years for defects in construction elements or installations that affect the habitability of the building.
● 2 years for electric appliances.
COMMUNAL AREAS AND SWIMMING POOL – In most cases, new-build homes offer several on-site facilities such as landscaped gardens with one or more swimming pools and other extras that add to the wow-factor, including in many cases phenomenal views.
GARAGE AND STORAGE ROOM – These are normally included in most developments and offers great comfort.
A SECURE FUTURE INVESTMENT – When you buy into a new development you are making a future investment. It’s not unusual to see increase in prices more than 50% from launch until completion and handover. The investment grows as construction progresses, typically prices increase after each 10 sold units during construction. And, of course, after completion the prices increase even further.
Buying costs in addition to the purchase price are
10% VAT + 1,20% duty stamp tax + 1,21% legal fees + 1% for notary & land registry.
