Buying Off Plan in Spain

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Buying Off Plan

Buying off-plan means reserving a property as much as two years before building is due to be completed and often before a single brick has been laid. The advantage to you, the investor, is that you secure the property at a discounted price, well below the market rate - and as the property is built, its value increases.

The developer needs to sell a number of units before building can commence. In fact, the bank will have insured the developer on the basis that a percentage of the development is sold before construction can begin. Discounts are therefore offered because early sales are essential if the developer wants his development to reach completion.

Only a percentage of the price needs to be invested in order to secure your off-plan property. This is usually 30 – 40 % of the total price and is paid in instalments. The balance becomes due upon completion of the property when ownership is signed over to you.

If you sell your property during construction you can expect a return on your investment that reflects an increase in the overall current market value of the property while having only ever tied up 30 – 40 % of the original discounted price. This is the usual route taken by investors to achieve maximum gains on investments and to free up capital to buy their next off-plan property.

As with all investments, timing is important and identifying the best units in the earliest phases of a high quality development in a good location is key to making a sound investment. Buying in the early days leaves ample time for optimum price increases as interest from other investors and homebuyers rises with the brickwork. Upon completion of the show home, your property will become saleable to all those buyers who will only buy a tangible product. It only takes one of the potential two million families relocating here for your investment to become profit in your hand.

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