Real Estate

The Pros And Cons Of Purchasing An Off-Plan Property

It’s a miserable day. The weather is awful, there seems to be an endless stream of negative news in the media, and you feel down. This is not why you have worked so hard. There must be more to life than this.

Time To Escape

Put away those blues and think about a bright and happy future in a beautiful climate surrounded by a positive and interesting culture among smiling faces. You are browsing online and see an advert that can turn your dreams into reality; you are able to spot a property you want and it’s currently for sale.

Now that does look attractive, especially when it’s one of the luxury properties for sale in Sotogrande. You have always wanted to get to stay longer on the Spanish Andalucian coast, which offers a desirable climate and outstanding amenities looking out over the beautiful blue Alboran Sea.

However, your dream will have to wait a little while, but that’s no problem as you need to plan properly. Both properties are off-plan, which means that they haven’t yet been constructed, although the land has already been purchased by the real estate developers.

The Pros & Cons Of Purchasing An Off-Plan Property

Buying an off plan property has several tangible benefits, especially when you have a real estate agent who is able to point you to a promising property yet to be constructed. When bought before construction begins, you would be able to purchase a property at the Infinity development in Alcaidesa, for example, at a far lower price.

Purchasing an off-plan property is the perfect way to be sure of an exact location with the surrounding features that you require. The same properties will be snapped up fast once construction begins, thus lessening your choices of securing your perfect property. Demand could well see the value of your property increase before you even move in, which also means that your decision is also a sound financial investment.

Purchasing before the works begin can offer additional benefits. For instance, you might be able to negotiate to have a personalised internal layout with your choice of fixtures and fittings in your new home.

The excellent value for money you will be getting when buying your property in advance also has some risks that you need to be aware of, while you also take guidance if you intend to relocate and live in Spain as a UK citizen once your home is completed.

You do not know exactly how the property will look when completed, as you only have artists’ impressions to go by, and your expectations may not be reached once complete. The worst-case scenario is that the developers go out of business before the construction is completed. Not all is lost, as in many cases a new firm takes over to finish off, but it could lead to frustrating and stressful delays. It could also cause the value of your property to decrease, at least in the short term.

To Conclude

Purchasing an off-plan property offers superb opportunities at affordable prices and guarantees your desired location. However, it is important to consider and plan for potential pitfalls before signing any contract.

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