If you are looking to purchase a property in Spain you may be wondering whether a new build or a resale property is the best way to go. There are of course benefits to both but here we discuss why overall, buying a new build property makes more sense.
Availability and Choice
In recent years, the property market in Spain has been booming and more and more new build property developments have been being built. In particular, you will find a huge selection of new build properties for sale on the Costa Blanca. This is due to a number of reasons.
First of all the Costa Blanca has large expanses of relatively flat land before reaching the mountainous backdrop meaning there is plenty of room for building to take place.
Secondly, the demand for properties on the Costa Blanca is always there. It is an increasingly popular destination for expats as well as those purchasing a holiday home. This is due to its fabulous Mediterranean climate, reasonably priced and easy travel, stunning beaches and much much more it has to offer.
The high demand for property on the Costa Blanca means that building has and will continue to take place. This means there is and will always be a huge selection of new build properties to choose from.
You will of course still find resale properties on the market. However, availability and choice is not the only reason why buying a new build property makes more sense.
Peace of Mind
Perhaps the most obvious advantage to buying a new build property rather than a resale property is exactly that – that it is new. Building regulations in Spain have changed over the years and all properties are now built with higher quality building materials and to higher standards. You know what you are getting and that there will be no hidden problems to find later once it is too late.
In fact, all new build properties in Spain come with something called the Seguro Decenal. This is a 10 year warranty which is now mandatory for all residential new build properties in Spain as per Article 1591 of the Spanish Civil Code and statute 38/1999 of Spain’s Building Act. The warranty is given as an insurance policy from a third party property insurer. As well as giving all new build property buyers peace of mind, it is also a big financial advantage as well.
Another advantage to buying a new build property is that if you purchase one which is still under construction, once you have paid a deposit you may be able to have a say on some of the fixtures and fittings and other interior finishes. For example, the style of floor tiles, the kitchen and so on. This gives some buyers the unique opportunity to put a personal touch on their new home.
New build properties on the Costa Blanca are generally very reasonably priced. You are able to get a lot for your money compared to other Spanish Costas and other European countries in general.
In terms of price, the builders themselves set the price of all new build properties in Spain. This means that you know what you can afford, that you are paying a fair price and that you don’t have to go through the stress of bartering for a lower price.