Buying off plan - or at some point during the construction process - is a popular option in Spain as the earlier you buy in, the less expensive your total purchase price will be. However, while many homeowners are satisfied with the final outcome, you should be aware that there is always the risk the developer will run into hard times and the building will not be completed.
Buying a property abroad can seem a daunting prospect for many reasons, none least of which are the language barrier and the difficulty in understanding foreign laws and legal documentation. Foreigners have been buying properties in Andalucia and along the Costa del Sol for decades. The majority of these individuals will have not experienced any significant problems, however horror stories abound whereby people have faced unexpected costs at some stage of the purchase process.
If you want to be far from the madding crowd, you can buy a plot of land and have an individual architect-designed house built to your own design and specifications or to a standard design provided by a builder. However, building a home in Andalucía isn't recommended for the timid.
Since the early 19th century, there has been a noticeable revival to earlier architectural styles throughout Andalucía, including neo-Gothic and, in particular, neomudécar and neo-Islamic. Private villas as well as urbanisations often reflect past Muslim architectural style, including such elements as inner courtyards, arched doorways and windows, fountains and the frequent use of brick instead of stone.
Given the recent increase in foreign property purchases in Andalucia and particularly on the Costa del Sol it is hardly surprising that there is strong demand for mortgages. It seems that Spanish banks have been slow to target this market by appointing specialist mortgage advisors.
Foreign currency issues can have a significant impact on the cost of your purchase. In securing property abroad, purchasers are likely to spend more time searching for the right property via their estate agent and researching the best method of financing their purchase rather than considering the financial implications of transferring money overseas. The transmission of funds for property acquisitions is often done at the last minute. This leaves the buyer exposed to the prevailing exchange rate and can significantly alter the eventual total cost of the property.
Furniture packs are the ultimate solution for busy people who wish to furnish a new property in southern Spain – or completely renovate a home after years of wear and tear.
