The Benefits of Buying Off-Plan Properties on the Costa del Sol
If you’re thinking about buying a property in Spain or on the Costa del Sol, have you thought about buying an off-plan property? It might seem a little strange to commit to a property that hasn’t been built yet, but there are a number of benefits and rewards to this style of home ownership, particularly on the Costa del Sol!
In this blog, we’ll explore the benefits of buying off-plan properties and why it can be a wise investment decision when purchasing a home in Spain.
Buying an off-plan property will see you benefit from reduced costs in comparison to buying a completed property. In the initial phases, many developers provide discounts and incentives to those who make early purchases during the development phase, so you can snap up a bargain. In addition, opting for off-plan purchases helps avoid the premium associated with acquiring a finished property that is immediately available for living in or for renting out.
As opposed to buying an existing home that needs work, with an off-plan property, you’ll most likely have the opportunity to choose your new property’s finishes, colours, layout and more, so you can begin creating your dream home right away. Whilst it’s still possible to customise an existing property, the costs may be higher to renovate, so it’s worthwhile weighing it up.
Capital growth potential
Off-plan properties have significant capital growth potential, especially if you buy in an up-and-coming area in the Costa del Sol. In such areas, prices are likely to increase significantly once the development is completed, and as the area becomes more desirable. By buying off-plan, you stand to benefit from this growth and potentially earn a significant return on your investment.
Potential for high rental income
Off-plan properties can also offer high rental income, particularly if they are in areas with high demand for rental properties such as Marbella, Estepona, Mijas and Fuengirola. This is because new properties tend to attract higher rental rates compared to older properties, which can translate into higher rental income for the buyer.
Reduced maintenance costs
New properties are likely to have lower maintenance costs compared to older properties, as they are less likely to require repairs or renovations. Additionally, many developers offer warranties on their properties, which can cover any issues that may arise during the early stages of ownership. Many off-plan properties will also likely be much more efficient when it comes to using energy. This can save you money in the long run and make owning the property a more hassle-free experience.
Developers often offer flexible payment plans for off-plan properties, which can make it easier to finance the purchase. This is particularly useful for investors who may not have all the funds available upfront. Payment plans can allow you to spread the cost of the property over a more extended period, making it a more affordable investment.
First pick of the best properties
When buying off-plan, you’ll likely have the first pick of the available properties, which can be particularly advantageous in developments that are likely to sell out quickly. This means you can choose the best location within the development, the most desirable view, or the property with the most significant potential for capital growth or rental income.
Buying Off-Plan Properties on the Costa del Sol
Buying off-plan properties can be a smart investment decision for several reasons. It offers lower costs, more control over the personalisation of the property, healthy growth potential, potential for high rental income and much more. However, it’s essential to conduct proper due diligence and research before making a purchase to ensure the development is reputable and if the investment aligns with your long-term goals.
Off-Plan Properties with Idiliq Estates
Here at Idiliq Estates, we’ve been facilitating and handling the sale of off-plan properties on the Costa del Sol for over 40 years, so you know you’re in safe hands with us. We also only partner with the most reputable worldwide brands and companies when it comes to buying an off-plan property, so your investment is always secure.
We partner with reputable and established brands such as Wyndham, Ramada and Marriott, to ensure that your investment is not only safe, but that you’ll also benefit from our extensive rental programmes, should you wish to rent out your property when you’re away.
If you would like to find out more, or find an off-plan property on the Costa del Sol, simply get in touch with our friendly team today.