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Off-Plan
Investment
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Property Investment
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Why buy Off-Plan
 When
purchasing a property in Spain, you will
generally be required to pay an initial
deposit then the remaining balance / stage
payments.
Initial Deposit
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When you have found your ideal property a
non-refundable holding deposit of 3,000
Euros will be required. This will guarantee
removal of the property from the market.
This deposit forms part of a legal contract,
which holds the price of the property as
agreed at the time of paying the deposit.
This sum will be held by your Property Agent
and forwarded to the owner of the property.
The contract of sale will be drawn up for
your agreement and signature. Should you
wish, further transactions can be completed
in your absence, by granting Power of
Attorney to your Agent or Lawyer.
Remaining balance/stage payments on
“Off-Plan” Investment |
If you are purchasing a new build property
that is not yet built, or is in the process
of being built, you will need to arrange for
payment of your agreed stage payments.
However, before you enter into any contract
you will be informed of the dates and
amounts of payment. Typically though, after
the initial 3,000 Euros holding deposit, a
payment of between 30-50% will be required
within normally 2 weeks and the balance paid
upon completion.
Remaining balance on “Re-Sale” Purchase
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If you are purchasing a resale property, or
a new property that is already built, it is
very different. After payment of the initial
3,000 Euros holding deposit, a payment of
10% will be required within 2 weeks and the
balance paid upon completion. If you are
buying a Off-Plan / New Construction Villa
of us, we can allow to pay 50% of the sales
price at the initial stage and finance you
the rest – with an interest rate of 3%.
Ways to
Finance Your Purchase
Cash Purchase
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If you already have the full amount of
property purchase price in cash in a deposit
account within your own country. Your only
consideration will then be the exchange
rates between your own currency and Euro,
when the various stage payments are
required.
Re-Mortgage your Property in your own
Country |
You may decide to raise funds to purchase a
property in Spain, by way of re-mortgaging
your property in your own country.
Take a Mortgage in Spain
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If
you do not have the full cash funds
available, and do not want to re-mortgage
your property in your own country, then the
other option available to you will be to
take a mortgage out in Spain.
This we normally can easily arrange with our
local bank in Spain. You will typically
require a 50% cash deposit, before a
mortgage can be arranged.
If you have any further questions or would
like to arrange an appointement with us, do
not hesitate to
contact us.
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