Buy off-plan in Marbella
The Marbella property market is flourishing, and once again, we see many new developments popping up all over the coast, in particular off-plan in Marbella.
When in 2007 the property crash started, the banks had to deal with an plethora of half finished developments that had foreclosed and could not meet the final deadlines. The banks proceeded to offload these developments at a lower cost, mainly to hedge funds, particularly from the USA. This all happened over a period of around 6 years, and now we can finally see these unfinished developments being finished on the Costa del Sol.
Off-plan in Marbella is back!
Not only is this great news for the residents of the Costa del Sol and in particular Marbella. Of course they are getting their beloved views and landscape back, but this is also fantastic news for foreign investors and second home buyers.
The prices of these developments have been set very low, and are therefore very affordable! The reason the prices are so low is because the developers have been able to obtain the land or development for a lower price during the crash. And because of this off-plan in Marbella is back on the table!
Having not witnessed new construction in Marbella for over 10 years, the lucrative investment opportunities are finally back and are being snapped up in record time. Yes, to get your hands on one of these find new properties, you have to wake up early and get in there fast!
But what’s the difference between buying off-plan in Marbella or purchasing a resales home? If that question is on your mind today, then you’re in luck, here are 5 reasons why you should buy off-plan in Marbella!
1. Contemporary and fresh designs
Not only does off-plan mean that you get to create your own interior design in most cases, it also means you will be able to choose from some of the most technologically advanced home gadgets on the market today!
From complete home automation, allowing you to control your windows, shutters, music and TV all from the comfort of your sofa. To salt water pools, self cleaning windows and the latest mod cons in every kitchen. You can see why it is advised to buy new developments in Marbella as opposed to resales.
2. Instantly profitable
Some new developments in Marbella have been designed with the tourism in mind. If you are buying a holiday home or simply want an investment out of your property, this option is one of the most lucrative. They already have infrastructures in place to maximise rental income on the property, and the property might even come with a rental management company, so you really have to do nothing else but send your invoices each month!
Buying a property off-plan, is known to be lucrative as once the property has been completed, and you unlock the door for the first time, already the property price will have gone up. Meaning, were you to sell at that point, you are likely to make a profit from day one!
3. Making your mark
Another advantage if you want to buy new developments in Marbella, is that you will be the first one who has ever lived in the new property! This is a luxury that few have ever experienced, and it is a fantastic feeling let me tell you!
All the furniture, the kitchen appliances, the gadgets everything is brand spanking new. It will be like unwrapping thousands of presents on Christmas day!
You will also be assured that all your appliances will have a long guarantee still and nothing is likely to break in the next few years! It is like buying a new car. You know you are set for a while before you will have to spend money on its maintenance or repairs.
4. Community Spirit
When you buy new developments in Marbella, or any part of the world for that matter, you can count on one thing: Community spirit. And there’ll be lots of it!
You have all purchased your property around the same time, and each of your neighbors will move in around the same time as you do. So everyone is new to this development and all of you want to make this the best development there ever existed. Every property owner will be equally excited to move into their newly purchased property, so the spirits will be high and this usually lasts for ages!
This is a great opportunity to get to know your fellow residents, and there will definitely be more than just a couple of community events planned as you all settle in. Many people that buy new developments in Marbella, or anywhere in Spain, tell us how they made friends for life after buying a property off-plan and moving in.
5. Staged payments
Buying off plan in Marbella is also great if you can’t afford to buy a property in 1 payment. Off-plan developers don’t ask for the full purchase price up-front, You usually pay a nominal amount to reserve a property (around 6000€) and take it off the market. Then once all contracts have been signed off and licenses have been granted, you are required to pay a 10% deposit (minus the 6000€ you already paid) and then it is up to the developer how he would like to stage your payments. Some ask for 30% after the first milestone and a further 30% at the second milestone, leaving the last payment of 30% upon completion, others want to have 50% after the first milestone and another 40% after the second, which leaves nothing on completion.
Either way, you know you don’t have to come up with all the money in one go, which allows you to breath a little while construction is under way.
There you go! 5 reasons why you should definitely buy off-plan in Marbella. There’s 100 more reasons that we could come up with, like, not having to clean your windows for the first 3 months after moving in, or probably not having to fight with weeds in the lawn for ages! But that’s for another day.
If you are thinking of buying off-plan in Marbella. Contact us first, Marbella New Developments is the expert in (you guessed it!) new developments in Marbella and with over 25 years of real estate experience in Marbella, you are sure to find what you are looking for with us. And at the best possible price too!