The concept of buying a property off-plan is increasingly popular in Marbella—so much so that local real estate professionals have identified that more projects are needed to meet the high demand for new build homes. As the leading company in Marbella for marketing new developments, Altavista Property is very much aware of this trend—our selection of off-plan projects attracts a lot of attention from prospective purchasers seeking a new home, so we thought it would be appropriate to take a closer look at the advantages of buying a property before it has even been completed…
- Best choice. The earlier you buy the better the choice of apartments you have. Different people have different preferences, from sea views to poolside, garden apartments to penthouses. Buying off-plan allows them to reserve the best property to suit their requirements. Waiting until construction is completed could mean leaving it too late for a first choice.
- Financial benefits. Construction companies often sell first phase properties at a discount for a variety of reasons. Chief amongst them is to help with financing—banks are more likely to provide construction funds if apartments are already sold. Developers are happy to offer a lower price initially to encourage sales—and the buyer benefits.
- Capital growth without committing your capital. With a lead-in time of around nine to 18 months and staged payments, buyers can benefit from growth in the market before they have paid the full price. While we would always advise buyers to have financing in place from day one, it also allows them to save up for a bigger deposit when the final payment is due—thus saving on mortgage costs over the longer term.
- Fixed price. By getting in early you lock in the price. This can provide considerable savings over second and third phases, which often command a premium as a project sells and its desirability builds momentum.
- Have a say in the final look. Some developments allow purchasers to have their input in décor and even floorplans in the case of villas.
- It’s new. Having bought off-plan owners know there will be no maintenance issues for several years. New properties also command higher rents due to their high desirability.