One of the best ways to buy a cheap house in Spain is to buy an off-plan property. An off-plan property is simply a property that hasn’t been built yet, something that is on the rise in Spain. During the recent coronavirus crisis, the construction sector of new houses in Spain has taken a hit, nevertheless thousands of off-plan development deals have been signed, with the appeal of buying a new-build property in Spain with outdoor space on the increase.
With many advantages, off-plan properties in Spain can be great value for money. To make your search as successful as possible, at idealista we've put together a list of the best new off-plan houses at the best price in Spain.
To avoid risks, it is advisable to follow these tips when buying an off-plan home in Spain:
- Find out about the developer and the background of the company. You must know who is selling the house to you. In the case that it is a promoter or developer, it is advisable to find out if the company has experience in the sector, if it is solvent or if the developer is the owner of the land on which the new houses are going to be built.
- Read, read and reread the contract well. Although it may seem very obvious, read very carefully the private contract that you are going to sign with the company. Review the clauses carefully and ask any questions you may have. The contract will not be taken to a notary until the owner is given the keys.
- Have a copy of the plans. Ask the developer for the plans of the property when you sign the contract. By doing this, you can prove any undiscussed changes made by the developer.
- The exact price and date. It is necessary that the documents provided by the developer include the final price of the property, including VAT, as well as the exact date of delivery of the keys. To avoid scares and unwanted surprises, never accept a document with approximations.
- Payments should always be through the bank. The developer must open an account that can only be used for building expenses and that collects the money guaranteed by the buyers. This is where you should make your payments by bank transfer, to be more secure.
- Demand a guarantee from the developer and an individual guarantee. Demand a general guarantee for the whole development, in order to guarantee all the amounts contributed by the owners. Apart from this general guarantee, you also need an individual guarantee, guaranteed by an insurance company or bank. This guarantees compensation that will allow you to recover the money contributed for the purchase of the property.
At idealista, we have the largest selection of new off-plan developments in Spain. Have a look and find your dream home!