Have you thought about buying a resale, there are many that haven't even been lived in. Advantage is they are much cheaper and what you see is what you get, no nasty suprises as you may have read in the forums.
If you must buy off-plan beware some of the agencies who seem to be be charging agency fees for the privilege of making 10% commission from your sale. The ones that advertise in the UK are the worse. Finally, get a good independent lawyer.

Jacky thanks for the response.

I came across the location by accident Lake Iznajar and it looks fabulous, the development is right on the lake, 41 properties 18 already sold.

But there is so much I need to know regarding purchasing so I welcome anything and everything

Kind regards

Hi Tricia

Buy this book.........

"Buying a Home in Spain" by David Hampshire. Available at any High St bookshop or Amazon

and

Get an independent lawyer before you hand over any money.

Don't be put off buying offplan. There's nothing better than having your own brand new property and by the time you get the keys, it's likely to be worth a fair bit more than you're paying for it.

Good luck!

Bawbee

Many thanks for the book suggestion

Kind regards

Tricia

Tricia,

Your choice of location is excellent. This is a very good area to invest your money as it is inland and so away from the costly coastal developments. There is nothing wrong with the coast at all and i for one would certainly not knock it. However, the prices have risen and so developers are moving inland.

BUT BEWARE!!! A lot of developers sell off-plan and they do not even have a building license which means they cannot build. Alot of developers are good honest people but you have to do a lot of research before deciding. Get full details of the developer and check them out.

If you are interested in buying and are ready, then the first thing you do before anything is get yourself a good lawyer. That is crucial before anything. People do not get lawyers at first to save money but a short term fix only causes a long term problem. I have recommended my lawyer on this web site before and I will do it again if you PM me. WHY? For no financial gain whatsoever to myself but to give people a chance to start correct. My lawyer is not the first lawyer I have used!!! It took time and cost me alot of money to find the one I wanted and thats after six years!!! A good lawyer will check out the company, the agent, the land, the build time, the mortgage, everything. They give you a fixed price and thats it. If my lawyer cannot help you because he is not familiar with inland developments as they carry different criteria to coastal properties, then he will recommend an inland lawyer for you.

Your choice of area is close to Granada airport and is also only around an hour or so from Malaga airport so thats excellent.

What is the name of the developer?

Do not be put of by agents and people saying they earn 10% commission. It is true, they do in some cases but alot of the time they have to collaborate with other agents and so split the commissions. You can negotiate a discount on anything- off-plan or re-sale it does not matter. At the end of the day you are the client who holds all the aces, not the other way around.

So have no fear and go and explore, its a fantastic experience and if you do your research, a very profitable one!!

Good luck

Hi,

Buying off plan is normally cheaper than buying a resale due to the fact that you have to wait some time for completion.

It is the developer that pays the commission to the agent and not the agent that puts his commission on top. If you go through an agent or not, you will still pay the same price. Resales is where the agent puts a commission on top of the sellers asking price.

I would always recommend getting a bank guarantee when buying off plan, this way if anything should go wrong, you are sure that you can get a full refund. Speak to your solicitor about this.

Also be aware that the complex may not be finished by the completion date that you are given. In fact, it would be a miracle if it happens.

Good luck.

I would always recommend getting a bank guarantee when buying off plan, this way if anything should go wrong, you are sure that you can get a full refund.

Is this not a legal requirement for a contract for offplan properties?

If a development has not got building license then the bank will not offer a guarantee. So, your money is not safe.

When a developer has a building license they can then get the bank to guarantee the project and so any money you pay over to the developer, stage payments or in one lump sum is safe.

However, some developers will use any means possible to get hold of your cash. If a project in Spain has not got a building license then it is illegal for the developer or anyone acting for the developer to obtain anything other than a reservation deposit. This could be around say 6000 euros for a 200,000 euro apartment. Once they have building license then they can obtain the balance.

What corrupt developers do is take your money and make a contract for you to make stage payments over a two year period. They insert a clause which states that if they do not obtain building license within six months after your stage payment then you can have your cash back if you wish, plus costs. You just try getting your money back!!!!

There is a well known company in Spain who does this and they do not give a damn about you or your money. Trust me, like I have said on alot of posts in this forum, listen to people who have been there, seen it, done it!!!!

Well said Danazcurt.

Anyone contemplating buying off plan in Spain should read the forum on
spanishpropertyinsight.com

For tips buying off plan check out this article of ours (not just for Spain):

Tips for buying off plan

Hope it helps!