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NEW DEVELOPMENTS and OFF PLAN PROPERTY

A popular way to buy abroad, particularly in Spain,Portugal and Bulgaria
is to choose a home on a new development. 

These developments can vary in size from half a dozen houses
to blocks of hundreds of apartments.
The range is such you are likely to find the right one for you.

ADVANTAGES OF NEW DEVELOPMENTS

• The property has never been lived in - it will be totally new and shiny!
• you will have the latest brand new fittings
• there should be friends around for children - and for adults too!
• apartments on the higher floors can have wonderful views - but is there a lift?
• some may be near enough to bars, shops and beaches to allow holidays without a car.
• estates can offer what is often the most affordable way to be near the coast

 

FEATURES OF NEW DEVELOPMENTS

• they are easy to maintain- any communal areas are looked after by the management
• but you will have community charges to pay for them
• there is good security in your absence
• estates can be massive- with lively  bars and busy pools
• or estates can be small and quiet - with only a handful of other properties
• there are often community rules to obey- which may either suit you or annoy you.

For instance you may have to be quiet during siesta time
and there may be rules about where you can hang out your washing.

PROBLEMS WITH NEW DEVELOPMENTS

• they can remain a building site for a long time after you move in
• sound travels through the party walls dividing the units-
  you are likely to hear your neighbours
• your balcony or terrace may be overlooked
• developments can be soulless and lacking in character
• you could get difficult neighbours
• who may have lively children - and noisy dogs

 

FEATURES OF BUYING OFF-PLAN

• your purchase can rise in value even before it is finished
• you see drawings and the plot and buy 'off plan' before the property is built
• and you pay in stages as the build advances
• the cost is fixed  from the outset
• you will have to wait up to 2 years to use your new home

TOP TIP
Check that  the communal areas will be ready for when you move in!

 

POINTS TO CHECK OUT

Urbanizations are usually targeted by  a developer at a particular nationality,
and they are designed for either mainly residential or holiday use.

Both these points affect the 'feel' and 'quality' of an estate-
you need to decide which would suit you best.

Check if there are plans for other estates  to be built around yours.
This will be noisy and dusty for months or years
and the new properties may block your view.
 

 

IMPORTANT LEGAL STUFF TO CHECK

You must check out the developers credentials-
make sure that they have bank guarantees.
and check out their previous projects for the quality of finish.

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