These days, more and more people find it very attractive to buy a home in development. This way you get a completely new home and in most cases you are also able to influence the finishing touches, with regards to materials and colour, so that you can personalize your own place. When you buy a home off floor plans you can be sure that it is a safe way to invest your money, since this market is fully regulated and the contracts count with maximum legal guarantees. In Spain, the guarantees are established by the Spanish Civil Code. There are a couple of other things which are covered by the promoter and insurance companies, such as:
– Defects in the termination of the property. 1 year
– Habitability. 3 years
– Structural defects. 10 years
NB: These warranties take effect when the work is delivered and not when it is purchased.
The only way for the promoter to receive his fees, is through credit institutions, to which the buyers make their payments. The money must always be deposited in a special account, dedicated for this purpose and separated from other funds of the promoter.
Advantages for the buyer
As mentioned previously, there are lots of advantages to buying a new home, which certainly makes it very attractive for customers. For example, the deferred payment of the property is facilitated as well as the personalization of the homes, adapting to the needs of the buyer and making the quality of the life of the users higher as well as saving up to 80% on the energy bill (which is undoubtedly the main advantage for most buyers).
If you buy a home off plan, remember to read the fine print carefully.