Should I buy an off plan property or a resale?
This really depends on what you are looking for. Until recently, if you wanted to buy a property and move in right away it had to be a Resale property as off plan properties had the disadvantage of having to wait for at least 2 years before completion. Nowadays this isn’t a problem as most New Development properties on the market are actually built!
Developers are finding things tough in today’s market and as such have completed projects without selling all the stock. They have tried to hold on for as long as possible but are now being forced to slash prices drastically! This is great news if you are looking to buy property on the Costa del Sol now! You can pick up some real bargains (up to 40% discount in some cases) with the added bonus that you are buying a brand new property with all the legal contruction guarantees.
Mind you, you can pick up some really good Resale properties too! It really is a buyer’s market out there.
are usually ready for immediate occupation and have the advantage that you are able to see exactly what you are buying. An off plan property can sometimes entail a slight risk in that you cannot see a finished product and sometimes your expectations are not met when you finally take possession of the property. However there are advantages as you can usually buy at discounted prices and make a profit on the capital appreciation of the property during the construction period.
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