New off plan development -Cogollos Vega

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This topic contains 7 replies, has 8 voices, and was last updated by Profile photo of katy katy 10 years, 6 months ago.

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  • #51786
    Profile photo of Anonymous
    Anonymous
    Participant

    Anyone bought off plan in Cogollos Vega near Granada (north) from Med— properties?? Are they ok??

    I am just about to comitt my life savings on an apartment, but they want us to use same solicitor as the agent??
    Any advice please
    tHEY TELL ME THAT IN 18 MONTHS WHEN COMPLETED, IT WILL BE WORTH 20-30K MORE????

    SCEPTICAL Jimmy

  • #62027
    Profile photo of Anonymous
    Anonymous
    Participant

    DO NOT USE THEIR LAWYER! 😯 Do not invest your life savings in an off-plan development and do not believe a word the agent tells you about capital growth, investment or rental income….unless you are very, very, very, stupid!

  • #62028
    Profile photo of mariadecastro
    mariadecastro
    Participant

    I would advise you to use any of the lawyers that are known and recommended by Mark. It will make things easier. And hire him/her from the beginning as, in my own experience as a lawyer, once some choices have been made, it is more difficult to achieve a clean, easy, safe purchase for the client.

    Best regards,

  • #62030
    Profile photo of Anonymous
    Anonymous
    Participant

    @Jimmy wrote:

    tHEY TELL ME THAT IN 18 MONTHS WHEN COMPLETED, IT WILL BE WORTH 20-30K MORE????

    If you are buying on this assumption, to make money through a quick sale, then don’t. Read back through posts on this forum re off plan developments. If you are buying because it’s a nice place, great apartment, affordable, it’s going to be your (holiday) home in the foreseeable future and you don’t have to rely on rental income or a sale to pay for or pay off the mortage then fine! But don’t use their lawyer, If enough of us say it, maybe you’ll take note!

    @Jimmy wrote:

    SCEPTICAL Jimmy

    You should be!

  • #62179
    Profile photo of Anonymous
    Anonymous
    Participant

    is it called village views i have recently paid reservation deposit there but am waiting for lawyer to get back to me ref the searches etc before i pay the 30% deposit

  • #62187
    Profile photo of Anonymous
    Anonymous
    Participant

    Jimmy, speaking from personal experience on the CDS I would avoid off plan at all costs and I would definitely not use the agent’s lawyer. I used to think it it was just the CDS where there were problems with off plans – the agents of course will tell you this. Don’t believe them – just this week a colleague of my husbands told us that he has 2 off plan properties in a Polaris World development near La Manga. The agent of course had told him that selling before completion would be easy and would yield a significant profit – he is trying to sell but has had absolutely no interest from anyone !! Also I am wondering if you have actually been to see the development you are buying – I was in Granada after Christmas and I could not believe the number of new apartments being built. The whole area surrounding the Alahambra looks like a building site and I don’t know how the developers got permission for so many apartments so close to this historic site – in my opinion the view of the Alahambra has been spoilt totally !

  • #62195
    Profile photo of Anonymous
    Anonymous
    Participant

    Such good advice from everyone Jimmy . WE bought off plan told 18 months finish and three years on we are still waiting. And the company you mentioned sold houses on our site as well, some buyers are getting no help from them and say they wouldn’t recommend them to anyone.

    Some other people I know bought off plan with intension of selling on before completion and haven’t managed it and now looks as if they will have to sell at a loss to get shot of it. Even then they may still be stuck with it.

    Resales are sounder investment at the moment . Its built and you can see what your getting and should have the deeds etc . All the illegal builds on the Costas are a worry. PLease do checks on all paperwork , check with town hall etc, and as Hillbilly said if you go ahead DON’T use their lawyer.

    Axwhale

  • #62198
    Profile photo of katy
    katy
    Spectator

    I can never understand the attraction of off-plan, if you can manage to pay a 30% deposit surely you can afford a mortgage, why not buy something you can see and have the advantage of living/renting it right away. Average wait for new build seems about 2 years, thats 2 years when people could be enjoying their new investment, 2 years of your dream on hold. Of course the off-plan is worth more when you complete (well it used to be!) but so is a resale, its not only new build that increases. No problems with services/phone lines a quick call transfers everything…and you can test the plumbing/heating works before the money is handed over.

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