Buying off-plan property can be a great investment, and particularly so on Spain's Costa del Sol. Having a customized house that you can buy at current market prices can save you a great deal of money and design frustration. But there are some things you should be aware of when making plans to buy off-plan property.
Read on to learn about off-plan property in Spain.
What Does Off-Plan Mean?
In essence, buying off-plan property means you buy a house before it is built. While this may seem like a scam or an act of lunacy, buying off-plan can have some definite advantages. We'll discuss these more in a moment.
When you buy off-plan, you are paying for a house in advance of it being built. This allows you to customize what details you want the house to have without having to draw up architectural plans from the ground up. Rather, you buy as part of a development and move in once the house has been completed a year or two later.
Advantages of Buying Off-Plan Property
Buying off-plan property can have some real advantages. The first of these is preexisting equity in the home at the time you move in. If market prices are going up, buying the home before it is completed can mean that by the time you move in, your house will already be worth more than you paid for.
Another advantage of buying off-plan is the flexibility, both in finishing on the house and on your timeline. Let's say you're set to retire in a year or two and you want to move to Spain. You can start buying your retirement home now and have it completed just in time for you to retire to the Costa del Sol.
Things to Be Aware Of
Of course, there can be some risks associated with buying off-plan. The biggest of these is that the development goes bust before your house is completed. Hiring an independent lawyer to review your contract carefully should help you avoid this unpleasant possibility.
You will also want to be very clear with the developer which amenities will be included with your house. Sometimes show houses will include bells and whistles that are not standard in the actual development houses. Be sure to ask specifically about details and get an itemized list of the furnishings and features that will be included with your house.
Get the Best in Spanish Real Estate
Buying off-plan property in Spain can be a magnificent investment. Having a house waiting for you on the beautiful Costa del Sol is a wonderful thing, and if you can already have some equity in it by the time you move in, so much the better. Be sure to read the fine print, and your investment should turn out to be a good one.
If you are looking for the best in Spanish real estate, visit the rest of our site at Right Casa. We can find a property for all tastes and will help you find your perfect home for the right price. Check out our property search today and start finding your dream home.