Buying Off-Plan Property In Spain
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The main advantage of buying off-plan property is the discount you receive in price off the properties usual price or the selling price of the property once the development has been completed.
The reason developers are giving you the investor a discounted price is for the risk you are taking investing your hard earned money with them.
Realistically when buying through a reliable estate agency there is no real risk involved with investment in Spanish off-plan property, but like any investment where you hand over money before receiving the goods or services there is always an element of risk.
The usual discounts usually range from between 10 - 30% for off-plan property in Spain depending on the way you go about purchasing the property and who you purchase your off-plan property through.
A lot of people think that if you go straight to the developers yourself that you will save a ton of money on your property purchase, but if you do your homework you will find you will not get a much better pricing if not actually pay more for the off-plan property in Spain using this method plus
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needing a lot of time to do your research which would need to involve an actual flight to Spain.
Then of course there is the risk of running into problems with less than reputable developers, the kind you see all the time in many of the UK's news papers, if you do plan to take this method then you need to do some serious research and make sure you get a english speaking lawyer in Spain with your best interests at heart.
Also another distinct advantage of buying off-plan is that by the time the property has been built you should have 18 - 36 months capital growth on your investment.
Estimated capital growth would be about 10% Per Annum of the total value of the property, therefore a 100 000 property over 24 months would have increased its value to 120 000 and taking into account that you got say a 20% discount (20 000) you would have already made 40 000 off your investment by the completion time of the development.
With the rising market in Spain and even with the inevitable leveling out of the property prices, an off-plan property is still a smart choice for property investment.
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As stated above it is very tough not to make a decent profit buying off-plan property in Spain as long as you buy from reputable developers which any half decent estate agency would guarantee you.
On a final note, another big reason for buying off-plan property is the quality of the work and the buldings.
Buying off-plan means you will get the best and latest building materials and also the latest building techniques will be used on the property.
Laws and building regulations are being updated and improved in Spain to protect your property investment and this is also another reason why a new property would be the smarter and less risky option.
Furthermore you also get the advantage of having a 10 year guarantee against most serious structural defects and various other defect types are now protected under Spanish law.
About the Author
SpanishInvest.com is a property website specializing in Off-Plan properties to be bought for investment purposes. See http://www.spanishinvest.com for the best investment properties in Spain.
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