The benefits of buying new real estate in Spain

You are looking for an apartment or a house but you are not yet decided between investing in new construction or existing homes? Here are some of the advantages of choosing new real estate.
In addition to the modern lines of new homes and the amenities available in newly constructed buildings, new real estate has other advantages over buying existing property.

Save money

To begin with, buying a new home allows you to make some savings. A new property is not subject to the property transfer tax (ITP), which can amount to 10% of the value of the property.

Furthermore, a new construction is often less energy consuming than an older building. Most new of the new constructions are built according to the latest standards defined by the CTE (Código Técnico de Edificación) such as the DB-HE thermal regulation.

Finally, new homes also mean no renovations. Most of the time, you can personalize the home by choosing the finishes (flooring, bathroom, kitchen...). You will therefore not have to carry out any structural work or redesign.

A safe investment

A newly built house or apartment is a priori easier to rent or resell. Modern and comfortable, the future buyers see it as a risk-free investment and the tenants are more inclined to rent.

The new real estate in Spain benefits from the constructor's guarantee. The ten-year warranty or "garantía decenal", has been mandatory since 2000. The builder is thus obliged to take out an insurance policy that guarantees the structural elements of the buildings for ten years. It is accompanied by a one-year warranty on finishing defects and a three-year warranty on the elements used for construction.

Buying new can also be legally safer. In Spain the buyer is responsible for the situation of the property (urbanistic, fiscal, legal...) and must inform himself about it because the notary is not compelled to do so. For example, since debts are linked to the property and not to the owners, with an investment in new real estate, there are no unpleasant surprises. With a new house, there is also no risk of being involved in the non-declaration of extension work (which can cost you a fine even if this work was carried out by the previous owners).

To be sure that your investment goes well, do not hesitate to be accompanied by a real estate agency and to take advice from a lawyer.
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