Welcome to Hi Homes, your go-to real estate agency on the stunning Costa del Sol! We keep it real here, all about transparency. Today, we will be addressing “The Good, The Bad, The Ugly of buying Resale vs Off-Plan properties.”
Whether you’re considering resale or off-plan, we’ve got you covered with exclusive insights to help you make an informed choice. Join us for an insightful journey through the Costa del Sol real estate landscape.
The Good, The Bad, The Ugly: Resale Properties
The Good: Transparency and Familiarity
Generally speaking, clients are positively pleased when buying a resale property. Having seen the property in the viewing and inspection stages, by the time you sign the deed and get your keys, you know exactly what you’re getting into.
The Bad: Contract Frustrations
Frustrations often arise during the contract stage. Misunderstandings between lawyers, buyers, and vendors can occur, especially when certain things the buyer thought were included are not. Delays caused by banks in the case of mortgage purchases can also mess with contract timelines.
The Ugly: Broken Agreements
The ugly side emerges when a buyer or vendor does not fulfill their agreements in the contract. Missing vital payments or a vendor changing their mind can lead to serious situations, often requiring legal involvement and shattering dreams.
The Good, The Bad, The Ugly: Off-Plan Properties
The Good: Brand New Properties with Guarantees
The good side of buying under-construction new build properties is that, like in resales, people are happily pleased. It’s a brand new property with all its guarantees.
The Bad: Paperwork and Protocols
The bad part involves the paperwork required due to money prevention protocols in the Spanish system. Submitting documentation to the developer can be frustrating, with seemingly endless requests for clarification. However, with the right legal advice, you should navigate this process smoothly.
The Ugly: Lack of Proper Advice
The ugly side occurs when buyers haven’t been properly advised about their property. Misunderstandings about orientation or assuming a forever sea view can lead to disappointments that proper advice could have prevented.
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