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Last Updated on 17/07/2023 by STEPHANE
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Many customers ask us, should I buy a new build or go for a renovation in Spain?
That’s why we studied the biggest advantages of buying a new build and the biggest advantages of buying a resale in Spain.
Who is the winner?
New build vs resale in Spain?
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What are the advantages of buying a resale property in Spain?
- Price: Resale price per square meter is always lower than new build property prices (for the same property at the same place).
- Diversity: If you are patient, there are so many properties on the market that you can find “the” one you are looking for.
- Saving time: you can move in quickly.
- You buy what you see: If you compare it to an off-plan purchase, it is easier to see what you get with a resale. New build properties are from time to time “key ready” or have a “show property”. But pay attention, it is strongly advised to have technical due diligence on your Spanish property if you are not an expert. It could help you as well to see if some renovations options are possible or not.
- Specific location: yes, usually, it is very difficult to find a top localisation with new build properties while at the same time, with resale, you are being a given neighbourhood with its current activity and history.
- Charm: you got it, so nice to give a second life and add some modernity to old properties? Don’t you agree?
- Yearly costs are known: you have a history of the property costs: maintenance costs, insurance, community costs… Of course, always pay attention to unknown potential costs as roof maintenance, facade painting, a new lift,…
- Renovation costs are known: but of course, pay attention, work with reliable experts. Find a renovation partner anywhere in Spain… We did it ourselves 🙂 . Have a look at this beautiful kitchen renovation in Barcelona.
- Mortgage: It is possible to finance your property in Spain with a mortgage. Works for both a new build and a resale. Ask for a free mortgage quote here.
- Never forget the legal due diligence on your Spanish property.
What are the disadvantages of buying a resale property in Spain?
- Less comfort: Resale price per square meter is always lower than new build property prices (for the same property at the same place).
- Uncertainty on renovation budget: If you are patient, there are so many properties on the market that you can find “the” one you are looking for.
- Uncertainty on length of renovation: you can move in quickly.
- Difficult to find in a tight market.
- You are not an expert.
- You are not living in Spain.
- You rely on unreliable third parties.
So our best advice? Work with local experts: local property hunters and always get technical due diligence and legal due diligence on your Spanish property.
Don’t know where to start? Check it with one of our local property hunters in Spain and discover what they did for our customers.
Not looking for a resale but looking for the best new build projects in Spain?
What are the advantages of buying a new build property in Spain?
- Price is very competitive if you compare new build properties and resale with a renovation, usually they are very competitive and very competitive vs new build anywhere else in the world as the workforce is cheap in Spain.
- New technology: insulation, heating, networks, eco-friendly, energy-efficient.
- No unexpected investments for the next 10 years? 10-year warranty.
- Security systems installed.
- Fewer uncertainties: 10-year warranty on structural defects by the builder.
- Availability: new build properties are most of the time sold off-plan. But in 2021, due to the lack of sales in the Covid Period, many projects are available and “key ready”. Usually, when you buy off-plan, you will wait about 1 year.
- We always advise our customers to have legal due diligence, even for a new build, before signing/buying a property in Spain to protect their rights from the start. Many developers are known and of quality in Spain but others will always try to keep the upper hand on some promised developments, like, a garden, a pool,… quality of finishes… Always better to have everything in writing before signing.
- Fewer issues than building yourself.
- Mortgage: It is possible to finance your property in Spain with a mortgage. Works for both a new build and a resale. Ask for a free mortgage quote here.
- Easier to buy if the price is not an issue for you as you have many similar properties at the same place.
- If you are early in the process: you can get designs adjusted to your taste.
- Never forget the legal due diligence on your Spanish property even if it is a new build.
How to get the best of the new build market in Spain? Scroll our latest new build projects here
What are the disadvantages of buying a new build property in Spain?
- Price is expensive vs the rest of the real estate market in Spain.
- You rely on a developer and its financial conditions: don’t forget to do your due diligence and work with the best developers.
- Try to buy a specific unit in the project with a bigger terrace, more rooms,… and not a “standard” unit. Because, it will always be easier to rent it or to sell it afterwards.
Read our earlier article on new build properties in Spain and check our 2 minutes video on the subject.
Looking for a local expert in Alicante, Malaga, Valencia, Madrid, Barcelona,…? Ask us directly!
