Buying property off-plan isn’t something that a lot of people feel comfortable with, after all, you are buying something that you haven’t even seen, and won’t get to see until it’s complete. Buying property off-plan in Spain is even more daunting, even for those as laid back as the Spaniards. Yet, of the 700,000, give or take, new properties which were being built in 2004, the majority were sold off-plan. So, some people do grin and bear the added distress of not actually seeing their new property for a long period, and in doing so reap the benefits of purchasing at lower prices.

The price is, of course, the main advantage of buying off-plan, in any country. There has to be a big enough difference in price between the finished property and the ‘on paper’ property because the buyer of the off-plan property is taking a risk, a risk that is there anytime you buy something which is not yet tangible and which you can not yet actually have. Aside from the price, other advantages exist, such as the fact that your property will be the newest of the new when you get it. Building regulations in Spain have been improving considerably and so the finished product should be a good one. Occasionally, developers also offer the option of the buyer having a say in the finishing of the property; the floors, colours, fixtures, etc…So, the benefits lie in more than just the price.

Not all is rosy in the land of off-plan property, however. Let’s start with the obvious drawback, which is the wait of 12-24 months for the possession of the property. For some, this may be ideal. There are people who don’t actually want to move to Spain right away and so, the time spent waiting is not such an issue. For most people though, it is. After all, parting with such a large amount of money and then waiting months or years to enjoy your new gain can not be fun. The thing to remember is that in the creation of such large projects there will always be delays, so don’t believe the time frame that the sales people tell you. Another issue to consider is that you may not end up with the product which you paid for. Why? Misunderstandings can so easily arise, but also, sometimes developers promise one thing and produce another.

For those that may be persuaded to consider buying property off-plan in Spain, certain steps can be taken to make the whole process much more enjoyable (which it should be; you’re buying property in Spain!), much less stressful and in the end, to ensure that nothing goes seriously wrong. First and foremost; research, research, and research. Don’t rely on the teachings of those that are hoping to sell you something. Go to Spain, explore, ask around (hire a translator if necessary) and get a real feel for the area in which you’d like to purchase.

Secondly; research, research, research. Find out some key facts and research the facts behind those facts. Discover the developer’s reputation. Find out about the location; where it has come from in terms of development, and where it’s heading. What are the crime levels? What about its climate and weather, are there any issues there which you should know about? Also, pay attention to the facilities and services which the development has, if any. Some offer no facilities, whereas some will have health and fitness centres, golf courses or shops. Does the building have a common security policy, that is, will any security provisions be made by the developers or will that be left up to the community?

Buying property off-plan in Spain is risky, there’s no doubt about that. But that risk is the reason that you can buy a property at a lower price. If you feel the risk is worth running, go for it, but go for it with all the knowledge you can possibly gather on the subject.

Information about prices, products, services and merchants is provided by third parties and is for informational purposes only. EscapeArtist.com does not represent or warrant the accuracy or reliability of the information, and will not be liable for any errors, omissions, or delays in this information or any losses, injuries, or damages arising from its display or use.

© Copyright 1996 - - EscapeArtist.com Inc. All Rights Reserved