 Off plan property in Spain
A guide to buying property off plan Spain
This guide has been prepared to help you go about buying off plan property in Spain. It has been written with home-buyers rather than off-plan speculators in mind. The best advice I can give amateur off-plan speculators hoping to make a killing in a hurry is wise up. High-return, low-risk investments don't exist. It may have worked with off plan Spanish property in the past but the game is now up.
Choosing a new development in Spain
When choosing your development pay attention to the following:
The developer's reputation
Find out what you can about the developer before you buy from them. The promoter's approach to business will have a big impact on the quality of the development. Believe me when I say that there are some awful developers operating in Spain - British as well as Spanish- whose only objective it would seem is to get as much money from the client in return for as little as possible.
Location and surroundings
The importance of location has been fairly well covered over the last 2 millennia or more so I won't dwell on it. Nothing has changed and it is still fundamental. Think about the lifestyle you want to lead and how location fits in with it. What sorts of places do you want to be able to walk to and how much driving are you prepared to do? Think about views (today and in the future), exposure to the elements, airport access, shops, restaurants, hospitals, schools, noise levels, future development, to mention but a few.
Community profile
Try and find out a bit about the breakdown of buyers by nationality, age, and so on with a view to deciding if this is the sort of community you are looking for. And try and establish if it is predominantly a holiday development (and area for that matter) that is deserted out of season. If possible talk to other buyers on this development.
Security
New developments with a common security policy can offer better protection to owners than can other types of property. Find out from the developer what provisions will be made for security, if any, though many developers will leave this decision up to the community of owners once it has bee established. A new development with a year-round community will offer better protection than a holiday development, for obvious reasons. The ideal solution is a gated community with 24-hour security.
Services and facilities
Some new developments have a golf course, health & fitness club, clubhouse, hotel, shops and restaurants on site or close by, whilst others have no facilities whatsoever. The more facilities you have access to greater your chances of maximising your enjoyment of the property. Social facilities also create an environment for social interaction and making friends, especially important for people with children.
Bylaws
Bear in mind that some developments may have bylaws regulating certain aspects of property ownership and other issues, though more often than not the community of owners, of which you will form a part, decides these issues. It is always worthwhile checking this question with a developer before buying.
© Mark Stucklin (Spanish Property Insight)
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