The experts of property investments argue that you should never buy if you have not seen the property. On the other hand according to other experts you can only do that if you are buying off plan! They point that in order to increase your profits (buying it cheaper than if it was build) you should buy the property when no construction has begun. Of course as long as you have done your homework and you use your common sense.
The earlier you buy the better is...the logic behind this stands on the fact that a property has less costs at the beginning of its construction and moreover the more is coming to the end as it demonstrates its position in the market and verifies its price.
Buying off plan involves high-risk…off plan investment comes with risk particularly in a country such as Spain which carries a history in developers who construct on land they do not own. Minimize your risk by being proactive and giving the degree of care necessary. For example one step could be to search for a bank guarantee.
Is the contract transferable?...this means that after the sale the contract can pass onto a third party however it is accepted that the better the developer is the less assignable contracts will have. This is because the bigger the turnover of assignable contracts for a development which is still at the building stage.
Do not sell before completion…for the same reasons you are buying off-plan cheaper you should wait to sell your investment. Giving at least a year to your property establishing a good price in the market will bring you better chances for higher offers when you decide to sell.
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So, if you decide to go for off plan, try thinking through these advices and do not forget that the secret in off plan is carefulness!
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