You may be requested to make an initial payment of 25% then another 25% when the building is at a certain stage. The balance payable when the building is completed can be in cash or maybe by means of a mortgage. Most banks are happy to lend on this principal, bearing in mind that the value of the property may have increased significantly since inception and you will have invested a lot of your own cash.
Top tips for buying off plan property in Spain:
- Ensure your builder or construction company is legal and fully insured
- Make sure you use an English speaking lawyer and all documents are translated for you
- Make sure you see the building licence for the land
- Make sure you get receipts for all payments and all agreements should be in writing
- Make sure there is a clause in your agreement in case completion is delayed
- If you are paying the balance by mortgage, make sure the bank are aware of the building situation at all times
There are thousands of new developments in Spain that can be bought at very low prices. Most are of a high standard and represent excellent value for money. Most are built within secure, gated premises with private pools, gardens and other facilities.
Buying re-sale new developments in Spain
It is possible to purchase a new development in Spain on a re-sale basis which means that someone has already bought the property and paid all the fees. This means that you avoid the mad rush of off-plan purchasing and can be selective on the property you buy.
There are thousands of new property developments in Spain.
You can find full details of first class, new property developments in Spain here
