Resale or New Build - The Pros & the Cons?
Resale – Advantages
- You can see exactly what you are buying. Often bigger plot for a villa.
- You can sometimes have an offer accepted.
- They are usually ready to go.
- They are usually cheaper to buy (but may need refurbishments)
- They are usually sold furnished.
Resale – Disadvantages
- Need to be in a position to buy when you see what you want (finance all in place)
- No guarantees on the structure or the appliances. So budget for a surveyor.
- Old building standards means poor insulation. So can be cold on winter evenings.
- Budget for repairs and maintenance and replacement electrical appliances.
- New EU eco regulations mean owners of older properties could face considerable expense to bring them up to minimum requirement before being allowed to sell.
New Build - Advantages:
- Latest building standards with high insulation specifications saves on energy.
- 10 year guarantees on build, as in the UK. Appliances with makers’ guarantees.
- Well designed - latest stylish fitted bathrooms - kitchens with Silestone worktops choice of floor and wall tiles and the latest LED lighting inside and out.
- Most are designed to give more privacy.
- More secure with the latest tech gadgets & offer better capital gain
- Once a new build is reserved Spanish Law protects the buyer by fixing the priceand taking the property off the market. There now are also bank guarantees for all deposits paid.
- New builds usually have a furnished show house to view so you see the sizes of rooms and quality of the fixtures and fittings.
New Build - Disadvantages:
- You have to wait an average of 12 months for completion
- New build prices have been increasing due to the rising cost of building materials
- If you buy off plan you will need to pay instalments during the build time with theinal 50% due on completion.
- You might not like the contemporary designs.
- Tend to be smaller plots
