Just why do people buy new build property off plan on the Costa del Sol?
When you consider the process of buying off plan for a moment it almost seems pointless if you take into account the amount of property already built and available 'second-hand' on the market in many areas of Spain.
Add to this the time you have to wait in order for the build to be completed and the element of not actually knowing how the finished product will be handed over you have to question the motives for buying new build property? Yet statistics show that trends for new build projects are strengthening and new developments are growing ever popular.
It stands to reason that in recent years with the economic state of things in Europe generally no one with a brain was even buying land let alone applying for new build projects. The property market in Southern Spain has only just started to show the recovery because even as recently as 2013 developers were reluctant to even look at investing in development land.
But in the last 2 years the smart money has been creeping back in to the Costa del Sol and the new developments are now back in a big way and rivalling the resale market.
Here are a few important advantages to consider as to why the new build property trend has returned to buyers minds:
1. Competitive Prices
In order to encourage buyers to new build projects promoters have to be bang on with price to not only justify the build schedule but also the element of the unknown of what will be delivered at the end. Typically, a developer will price their off-plan properties under the equivalent comparable already built and on the market.
2. Money well invested
Even though it might not be ready to use, off plan buying does make financial sense when sought correctly. No other property will increase faster in value when bought in the right area and by buying at today’s prices it is expected that that same product when handed over on completion will be worth in excess of 25% above the price agreed to be paid when it was originally reserved in the sales office.
3. Payment terms
Payment schedules mean scaled payments are only payable during the course of the construction so are due in instalments, making funding more manageable.
4. Up to date qualities
A completely new product awaits upon completion with the latest materials for sanitary & plumbing, bathroom appliances, electric wiring, home entertainment & internet cable networks fitted kitchens with the latest products installed all with the latest warranties then there is the energy efficiency of a new build property. All fittings like double glazed doors and windows, reflective glass provides less heat and need for cooling on sunny days. These are always then covered with the latest certifications and building standards.
5. Latest appliances
Brand new kitchen and electrical equipment as well as climate control systems like air-conditioning units and underfloor heating systems all come with new warranties and are covered should anything go wrong…
6. Excellent guarantees
All reputable builders offer a 10 year building guarantee by law so snagging and future faults are covered for a decent amount of time.
7. Add your own personal touch
Many developers will let you choose colours and designs and even change elements of the layout to suit. Redesign kitchens and bathrooms just like building your own without the project management and licensing hassles.
New roadways are always required prior to building so urbanisations get all new access roads and parking facilities and cater better for modern living demands.
After all, there must be an overwhelming sense of satisfaction and enjoyment when everything you have is brand new!!? Never been lived in, never been sat on, pushed, turned on or opened….!!
Where everything around you is brand new - looks good, feels good and even smells good…. It’s squeaky and shiny - well a little cleaning might be needed to clear the dust, but still…
Just imagine taking possession of a property whereby all its installations are newly fitted – It must be at this point where you know you did the right thing, as you go through the front door for the first time….!?
In truth these days the risks have to be considered minimal with all payments bank guaranteed in Spain now and with the industry truly transforming with all the technology also on offer so why wouldn’t you take the new build option…?
I mean you get to see and touch all the materials to be used in the show-flat anyway, plus with all the virtual walk through video clips nowadays you can get a real perspective of the actual views from the property, layout and colour schemes before you even see a spade go in the ground…!
Yes, the off-plan buying experience is a far easier concept to come to terms with nowadays and it has to be said, it isn’t nearly as daunting a prospect as yesteryear.
As I write this all I am left thinking about are all the nice shiny surfaces and brand new fixtures and fittings that will be on display when buying new, touched only by the smooth, fair hands of the builder that got them there…!