Advantages & Disadvantages
Buying a new home as opposed to a resale property has many benefits including the following:
Property is often cheaper than a resale equivalent and early buyers can usually get a considerable discount off the list price.
The price is fixed, unlike that of resale properties, where renovation or restoration costs can soar way beyond original estimates.
If required, a new property can usually be let immediately.
Modern homes have good resale potential and are considered a good investment by Spanish buyers.
You may have a choice of fittings and decoration.
There’s no renovation or restoration work and the property is ready to move into.
You have time to raise the finance for the purchase while it’s being built.
On the other hand, disadvantages include:
You need to wait for the property to be finished (usually between 12 and 18 months).
New homes may be smaller than older properties, have smaller gardens and rarely come with a large plot.
The finished product may not be what you expected or were led to believe.
There can be numerous problems with off-plan purchases.