Thinking of buying a house or apartment in Spain
? There are a number of decisions to be made before choosing the perfect place to live. One of them is which market to look for a property in Spain - do you want to buy on the new build or second-hand market? We explain what the new and second-hand markets are, and the advantages and disadvantages of both.
New build market
Properties on the new-build market are those that are bought directly from a developer or through a cooperative. The apartments or houses are new, unused and you become their first owner. This is the main advantage of these homes. New construction is not only a guarantee of modern design, innovative solutions or interesting architecture, but also of the possibility of any changes. To encourage customers to buy, developers usually offer a favourable payment method in three stages: reservation fee, payment upon signing the contract (20-30% of the price + VAT) and the remaining part of the price paid upon receipt of the keys.
Apartments and houses on the new-build market also have their drawbacks. One of them is the long waiting time. If you sign an agreement at an early stage, you often have to wait several months before you can move in. Moreover, this is not the end. You also need time for interior finishing.
The second-hand market is made up of used homes. In most cases these are finished and furnished houses and apartments. However, sometimes they require renovation. The supply of properties for sale in Spain is almost unlimited. Single-family houses, villas with large gardens, exclusive apartments or small studios: on the second-hand market, the choice is truly enormous and varied. Location is also a great advantage. Most of the attractive locations have already been developed, so it is easy to find an apartment or a house in the city centre or on the seafront. When you decide to buy a property in good condition, you get a place you can move into immediately after signing the contract.
However, this option also has disadvantages. Used homes may require major renovations. You should take into account possible defects resulting from the use of the building by previous tenants. However, it is important to inspect the chosen property before buying it.