Should you a buy a new or old property in Spain?
Does your dream home look more like a crumbling ruin surrounded
by olive groves or a spanking new penthouse with designer
applicances? Here's our round-up of the relative merits of
buying new-build versus resale properties.
There are those of the Driving Over Lemons variety who can think
of nothing more idyllic than buying a run-down barn in the
middle of nowhere which demands enough DIY to fill their every
waking hour over the next couple of years. And there are others
(likely to faint if they ever meet a Lemon) for whom paradise
means virgin marble floors, high-tech air con/heating/security
systems and a shiny red Smeg fridge.
These two contrasting breeds may be househunting within a few
kilometres of one another, but their visions of a Spanish idyll
are planets apart.
The growing desire among many people to experience 'real' Spain,
and the budgetary constraints imposed by soaring property prices
on the coast, have seen a shift in many buyers' demands from
wanting something on a seaside urbanisation to somewhere inland
and more authentically Spanish .
While the average price for a decent apartment in Costa del Sol
is now around 300,000 euros, head 20km inland to towns such as
Coin, Antequera or the less discovered (and hence far cheaper)
likes of Alora or Casabermeja and suddenly your 300,000 euros
will stretch to a townhouse or finca with a chunk of land and a
swimming pool. Similarly, prices in desirable coastal spots of
northern Costa Blanca such as Moraira or Javea break the budgets
for many second home buyers.
But buy in a beautiful inland town such as Pego, Xativa or
Bocairent and you can luxuriate in a spacious house (in the
latter, still often for a five-figure sum) and be on the beach
within half an hour of leaving your back garden.
So the price is often far more appealing when you look for
something a bit more rural. And the range of properties wider,
more individual and with more character when you step beyond the
realm of identical two-bedroom apartments on the coast. But what
about the other considerations - like how far your Spanish will
stretch when no one around speaks a word of English, how you'll
fare in winter when street life is reduced to nil, or how much
of a struggle it can be to install a landline in a rural
property.
Agents report that many prospective buyers go on a
property-viewing tour thinking the rural idyll is for them - and
go home having put down a deposit on a new apartment in a
purpose-built block.
Suddenly all notions of spending their days DIYing, cleaning the
swimming pool every morning and learning the Spanish subjunctive
go out of the window when faced with the alternative of a
sparkly, clean apartment or townhouse on a maintained complex
where you can just dive in the pool without having to rake out
the leaves first.
And where, when you're feeling lazy, everyone speaks English
anyway and the local supermarket has all your favourite brands
from back home. Buying a new-build property can also mean buying
off-plan, which is another proposition altogether. Then you need
to be the kind of person who has a good imagination of what the
plot of land you've just pumped your money into is going to look
like in two years' time - and the patience to wait while it
materialises.
On the plus side, you know that you will be the first person to
ever step in that property. You fingerprints will be the first
to grace that Smeg door, and hopefully you'll have bought at an
early stage which means the price will already have risen by the
time the property reaches completion.
Also, new-build specifications are extremely high now, as buyers
become more knowledgeable and a slowing market means they can be
more demanding and developers compete by offering top notch
fixtures and fittings and discount golf club fees to pull in the
punters.
What about fears that you've just handed over a big wad of cash
to a dodgy developer who doesn't even own the land? It's
certainly the case that some disreputable developers have
persuaded gullible buyers to spend their money on little more
than fresh air.
But if you buy off-plan through a developer affiliated to
Lighthouse Spain, you can rest assured that the developer has
the relevant planning permission, bank guarantee and licenses to
build - and that they adhere to a Code of Ethics which regulates
every part of the process. So the choice is up to you. What's it
to be - DIY and lemons or a clean swimming pool and fancy
fridge?