For most people buying a home in Spain – whether it is a new built or an already existing one – is the single largest investment in their lives. Consequently, making the right decision is crucial. The most important question is: should you go for a newly built property that has never been lived in before, or for one that is still at the pre-construction phase, or should you choose a resale home that has a previous owner?
Some say that it is better to invest in an older house in a popular area as it provides better long-term capital growth than a brand new unit in a less desirable neighbourhood.
However hard this decision may seem, once you are on the Costa del Sol looking for your new home, the “new development or a resale” question will be the very first one asked. We outlined advantages and disadvantages of both to help you prepare before your arrival to the Costa del Sol.
Advantages of Buying a Newly built Home
When thinking of a new home we first need to distinguish between a brand new home that has already been built and has never been lived in, or a one which does not exist yet (off-plan) or is at a pre-construction phase. At Nor Estates we have access to a large variety of both, but some of the most attractively priced homes are the ones which are being built as we speak.
- One of the greatest advantages of a new home is that there won’t be any need to give your home any refurbishing or updates. Your new home comes with new appliances, plumbing and air-conditioning and those wouldn’t have to be looked into for at least five years. New homes have the newest technology, which means they will be equipped with alarm systems, speaker systems and internet wiring.
- Your new home can be more efficient and environmentally friendly with energy-saving appliances. Newly built homes usually mean lower utility bills so lower maintenance costs.
- Each person’s lifestyle demands are different and different design elements appeal to every individual. You would be able to choose the look of your kitchen and also decide on the size of your walk-in closet and layout of your master bathroom.
- Your home can be customized to the extent that you can have it painted in your colour palette without having to lift a finger or a paintbrush.
- Imagine that you’re moving into a house that still smells new and everything is absolutely untouched. The new home smells of luxury and it indeed feels luxurious.
Advantages of Buying a Resale Property
Sometimes new properties are seen as more costly than established homes. Savvy investors tend to be able to spot a good investment opportunity and find properties on the Costa del Sol that are listed below their true market value. Such opportunities are not always easy to come by, but with a little bit of help from Nor Estates they are easier to find.
- Resale homes on the Costa del Sol tend to be located closer to the main amenities such as schools, supermarkets or shopping centres as these properties were built when the area was beginning to expand and grow.
- Being closer to the city can significantly improve your chances of finding tenants.
- Resale homes usually come with well-established community of neighbours. This will not be the case for a while if you are to invest in a new development.
- Many resale properties on the Costa del Sol come with more traditional architectural beauty and charm that is typical to the area.
- If you are someone who likes to do work around your house, fix things up, upgrade its look and have something more unique, resale homes offer a lot more opportunity for such creativity.
Whether you are looking to buy your first home, relocate, invest in a second home or a rental property Nor Estates would be delighted to hear from you.