With house prices in Spain rising, more people are opting for purchasing New build properties, which can be on average 15 % cheaper than second hand homes.
An off plan property means purchasing a property before the construction of the property has begun, but after the building plans have been passed, and building permission has been granted.
As with all property purchases, check all paperwork is in order, and the build has been signed off, passed and are legal. Or if you have purchased an off plan property, make sure the building plans have been passed by the local authorities.
If you manage to secure the purchase of the new build property early enough, this could then give you the design freedom to make alterations to the property, thus suiting your needs and having your dream home.
If you are purchasing a new build property, before the build has been completed (Off plan) we advise you to obtain an Alvales Bancarios.
This is a bank guarantee, which protects you against bankruptcy of the developer.
As long as you can wait for the construction of your new build property to be completed, this could be the perfect way of purchasing your new property in Spain.
Update June 2020