Welcome to Hi Homes, where real estate meets a refreshing twist! Today, we’ll delve into the most common questions clients ask when buying resale or off-plan properties on the stunning Costa del Sol.
Embracing the Costa del Sol Lifestyle
Costa del Sol, a paradise in Spain, is known for its beautiful beaches, stunning landscapes, and vibrant lifestyle. Finding your dream property in this amazing region can raise numerous questions.
Today we will be addressing our most frequently asked questions, shedding light on client concerns and busting common misconceptions about the real estate market here. Whether you’re torn between a resale or an off-plan property, wondering about the process, or simply looking for guidance, we’ve got you covered!
At Hi Homes, we pride ourselves on being different from your typical real estate agency. We keep it real, and we’re here to make your property journey as smooth as a Costa del Sol sea breeze.
Common Questions, Expert Answers
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Off-Plan Purchases: What if the Developer Goes Bust?
One common question with Off-plan purchases is, “What happens if the developer goes bust?” By law, developers offering projects to the public must provide guarantees. When you make a payment, typically 20 to 30%, that money is protected in a third-party escrow account. Simultaneously, you receive a bank guarantee that your lawyer holds. In case of developer bankruptcy, the guarantee is executed, and you get your money back, plus legal interest.
Resale Properties: Is Negotiation Possible?
The most common question when buying a resale property is, “Is it negotiable?” The general answer is yes. Depending on the vendor, negotiation is possible. While not a 20-30% offer, a reasonable, well-founded offer can often lead to negotiations, potentially saving you money.
Concerns with Resale Properties
Buyers often have three main concerns when purchasing a resale property:
- Legal Assurance: Ensuring there are no debts or encumbrances on the property, a task typically handled by your lawyer.
- Hidden Problems: Uncovering potential hidden issues, like malfunctioning appliances or undisclosed problems. While legal consequences exist for intentional withholding of information, a thorough property survey can mitigate these risks.
- Property Handover Expectations: A common misconception is that vendors are obligated to hand over the property perfectly. However, resale properties are often sold “as is,” and minor issues might not be addressed by the seller.
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