New or Resale Spanish Property?

New or Resale Spanish Property?

New or Resale Spanish Property? A few pointers that might help you decide!

In this post  I’d like to give you some information that might help you weigh up the Pros and Cons between buying a New or Resale Spanish Property?

New or Resale Spanish Property? Back-Round Information:

Ok, so you’ve decided to get your very own Place in the Sun, now all you need to do is to choose what’s best for you, a New or a Resale Spanish Property? Here are a few observations that might help you!

Before I start rattling on, let me tell you a little about my back-round, in February 200I started working for one of the largest International Estate Agencies on the Costa Blanca as a Property Advisor, or to put it another way, a Sales Person. Before then I spent a lot of time on Residential and Industrial Construction Sites in the UK, so, as I’m sure you can imagine, I have first-hand experience of how things are done and I’ve watched both the Cowboys and the Professionals in action.

That’s the end of the Blah Blah about me so let’s move on to the property.

New or Resale Spanish Property? What are the Pros and Cons?

Whether you decide to buy a New Build or a Resale Property, the decision to spend time in Spain is without doubt a good one. So to help you make up your mind which way to go, here a few Pros and Cons to both New Build and Existing Property:

Pros Resale

You see exactly what you’re buying.

You can complete in a short period.

You can make an offer.

If you’re thinking of a detached house, then the plot will usually be larger on an older property and if you’re interested in gardening, it’ll already be mature.

Most Properties were built in the Mediterranean Style.

Most Properties are in Established Areas.

Cons Resale

The Properties are usually at least 10-15 years old and in the case of Spanish Property, old doesn’t automatically mean well built!

If you’re interested in a Mortgage you may not get as much as you want, because the amount you receive depends on the Bank’s valuation which is more often than not, considerably lower than the asking price of the property.

Normally the standard of build isn’t as high as that of a modern property.

Older properties have little, or no Insulation.

The lack of insulation combined with poor quality doors and windows results in a poor energy rating meaning higher utility bills.

Older properties are usually in need of at least a make-over, if not total refurbishment.

Older design often resulted in small and dark interiors.

If you refurbish or renovate, no matter what you do, you will not bring the property up to the modern standard, unless you take it right back to the brick and that’s expensive.

Pros New Build

It’s New.

Properties come with a full 10 year Guarantee on the Structure.

Mostly they’re built using better Quality Materials and Finished to a better standard than the older properties.

EU Regulations insist on Thermal and Acoustic Insulation.

Modern Construction has a higher level Energy Efficiency and if included then the same can be said of the Electrical Appliances.

Low maintenance Gardens and other outdoor areas.

Cons New Build

There is always that element of doubt that comes with buying something that doesn’t actually exist.

The price is the price, there is no negotiation. The best you can hope for is a gift, either from the Agent or the Developer, you might get a Fridge but don’t expect a price reduction!

In most cases New Build Prices are higher than Resale, but when the quality of build and the finish are taken into consideration it all becomes relative.

Unless you’re thinking of a Key-Ready property, you’ll more than likely have to put up with noise and dust from the building site for a while. Exactly how long, will depend on the size of the Phase or Development and it could be anything from a few months to a few years.

The modern exterior design, at present predominantly in the Bauhaus style isn’t to everyone’s taste.

New or Resale Spanish Property? Which one came out on top?

After listing the Pros and Cons I came up with 6 Pros and 8 Cons for Resale Property and 6 Pros and 5 Cons for New Build. Of course if I dedicated more time to the question I would more than likely be able to come up with more Pros and Contras for each option.

However at the end of the day your decision to buy a New Build or a Resale results from a mixture of Personal Choice and as always, Buying Power. However it stands to reason that even if you can buy an existing property for less than a New Build, you will more than likely need to invest in it and so it could soon turn out to cost as much as a New Build.

I know that this article probably hasn’t been able to solve your dilemma, but I hope it’s given you something to think about. As always if you need any more information or advice then don’t wait contact me today! In another post I’ll be going into the possible pitfalls of buying a Resale and whether it’s safe to invest in a New Build. Until then thanks for your interest and I hope to see you again soon.

Cheers,

JP

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