New or Used – What’s Best for You?..

Property:Real-Estate

Buying property in Spain involves making a lot of decisions. One of the most important is whether to buy in a new development or an existing one. Each has its own advantages and disadvantages, and determining what’s best for you will depend on your individual preferences and circumstances.

Buying New Property

In the last few years new property development in Spain has exploded. This is due mostly to the growth in popularity of the country as a vacation destination and second home location for Britons and other Europeans. Here are a few things to think about when considering new property:

Quality - When the wave of popularity first began, the rush to build new developments resulted in some construction that was of mediocre quality. For the most part that has changed, and new development properties in Spain are now of increasingly high quality. In fact, many developers compete for buyers by promoting their use of high-end materials and furnishings.

Cost - Buying into a new development can be a bit easier on your pocketbook because you’ll generally have a staggered payment schedule of some sort. A typical schedule may include a reservation fee of up to 20%, construction payments of up to 30%, and the balance of 50% due upon completion. Staged mortgages are available for these situations, either through your own lender or through developer financing.

Selection And Customization – The growth in new development works in your favor because there are a large number of choices on the market at a wide range of prices. Plus, when you buy in a new development you often have the ability to select colors, carpet, fixtures, furnishings, and other items that will make the property just right for you.

Buying Existing Property

An existing property in Spain is also known as a freehold, which means it is fully built and already owned by someone. With all of the promotion and attention paid to new development, the freehold marketplace is often overlooked by potential buyers. Here are a few things to think about when considering freehold property:

See What You’re Getting – With a freehold property you can tour, inspect, and experience the property firsthand. No artist illustrations, no imagining what it’s going to be like, everything is right there in front of you.

Move-In Ready – Your freehold property is move-in ready so you don’t have to wait several months for construction to be completed. You also usually have the advantage of being in a well-established area so gardens, infrastructure, and other amenities are likely to be mature and well in place.

Return On Investment – If you’re buying property in Spain as a rental investment, then a freehold property is a great way to go. Since it’s fully built and usable immediately, you can start making money by renting it out right away.

Jamos - www.spaingolfproperty.co.uk/