Clients often ask which one is better, to buy a new development or resale. A few years back the dilemma didn't exist, since there were only a few new developments in the making. The 2008 crisis hit Spain very hard and it took a while until the market recovered, and banks started offer finance and developers got back to the scene. Now there are plenty of new luxury developments to choose from.

The pros for buying a new development is that you get a modern fresh property that is built according to the EU standards. No longer should you hear the neighbour flushing their toilet or singing in the shower. Also ventilation and energy efficiency is complying with new higher standards. 

When buying a property, location is often a key element to consider. The best locations normally get built first, hence it's easier to find resale properties in good locations with reasonable price to renovate. But there are still fantastic areas for new developments, such as Carvajal in Fuengirola and the residential area of Higueron (with soon a 5 start Hilton Hotel). There is also a new luxury development in Torremolinos first line beach, which is quite unusual, since most of the plots near the sea have already been built.

When buying a property to renovate, you really get to be creative and personalise your home down to the very details. Saying that, most of the new developments also offer a range of options to choose from to personalise your new home. For instance, you normally get to choose your  floor tiles, kitchen surfaces and bathroom tiling. However, this is still quite limited in comparison to what you can do when you redesign yourself. Finding good craftsmanship isn’t always that easy and you need to apply for a building permission. If you don’t fancy the challenge of renovating yourself, then a new development or finding an already renovated property is probably the way to go. 

Buying a new development is much safer than before. The developer has to provide the customer a bank guarantee or an insurance to cover for the down payments made. It's important that the guarantee provided is stated in the sales contract you sign. This way, if something happens to the developer before completion, you will still get your money back. The down payments you need to make before completion are normally around 30%-50% of the purchase price. The rest is paid when you receive the keys to your new home when signing the tittle deeds at the public notary. Spanish banks can mortgage up to 70% of the purchase price for non-residents. So if you haven’t saved enough to buy with outright cash, you don’t need to wait until retirement to get a house in Spain. Check out some of our new developments here.

When you are ready to buy, contact us to organise a free personalised tour to the selected properties. We can introduce you to all new developments on Costa del Sol or find the right resale property based on your needs. We can also help you to get a mortgage with a Spanish bank.

The writer, Laura Stevens, holds a MSc in Econ and is a mother of three childen. She's got experience of the Spanish financial markets and real estate since 2004. She works on the Costa Del Sol as a real estate consultant and a property finder helping foreign buyers to find and buy the perfect home in the sun. When you are ready to buy, book a free personalised property touring with her.  She can also assist you with getting a Spanish mortgage. You can contact Laura at  laura@costadreamhouse.com or call +34 681 30 77 95.