Buying property off plan

Obviously the prices of buying your property off plan will vary. Factors that can increase the price of your off plan property are location, the size of the property, access to local towns/cities and airports and the legal fees.The size of the property can effect the price, larger properties cost more than smaller ones to build.The location of your spanish property can effect the price that you pay. The location can effect the price of your off plan property, if it in a tourist area then it may cost more to build there however it can also generate good renting prospects as some properties in the south of spain only need to be rented out for around 18-20 weeks a year in order to cover the mortgage, that leaves you with a minimum of 32 weeks in the sun. One point you should always keep in mind when looking at the price of a property is the lawyers costs, the registration costs and the notary costs. This can range from being anywhere between 5% and 10% of the original cost of the property.

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Advantages of Buying Off Plan:

Some advantages that you can find from buying your spanish property off plan are:

That you only pay the amount that the property was valued at when you first signed the contract for example should you buy a house for €100,000 and then by the time that the property has been built it has increased in value to €130,000 you still only have to pay €100,000.

Should you change your mind about the area or the property then usually you have the option to sell your property prior to completion and the writting of the deeds (escritura). However before you sign the contract to start building your property you should ask if this service is available to you because it is not always.

Buying an off plan property is usually about 30% cheaper than buying a ready built or resale property. It is generally much simpler to buy off plan in terms of searching for the right property for you. This is because you can see straight off what the property is going to be like through arctitectual drawing unlike when you go to view a resale house they can be very diferent to what they look like in picures on the website or prospects. Also with off plan buying you have can change the aspects of the house that are not to your taste or that you had imagined to be different in your dream house.

There can be advantages to buying your property off plan but through “ready made” plans. By doing it this way you can get all the benefits of buying off plan but there is less stress placed upon you to come up with a design for your property. The downside to this is that there may well be quite a few properties that look very similar to yours. It does also mean that there should be less cost with architects because the plans are already there.

Author: mathtuition88

https://mathtuition88.com/

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