Resale versus New Build Property in Spain: A Comprehensive Comparison
Whether you’re looking for a holiday home, an investment property, or a permanent residence, one key decision is whether to buy a resale property or a new-build home.
American Steve Maxon wasn’t overly concerned if Clinton or Trump became the next US president – he was more excited about receiving the keys to his new Costa Blanca apartment, his future retirement home purchased through HomeEspaña.
Originally from Seattle, Steve is based in east Africa with work, but as a single man in his fifties, he decided not to return to the US and instead to retire in Spain. A friend recommended he look at property in the southern Costa Blanca and Murcia area, and in June 2015 he reserved an off-plan property in Lo Pagán. The property was completed in October 2016.
“Firstly I looked at the area via Google maps to check out the neighbourhood,” said Steve. “Then, on 22nd June 2015 I found the development on the HomeEspaña website and that same day paid a reservation deposit for my property. I spoke to the sales rep Steve Root, who was a tremendous help in getting me started on my purchase.”
Steve chose a two-bedroom, two-bathroom apartment on the second-floor of a small development with a communal pool. He agreed a purchase price of €131,950. “I really liked the design of the building,” added Steve. “Modern with very clean lines, it’s in a nice new neighbourhood. It’s about a 15-minute walk to the beach and there is a really good shopping mall called Dos Mares a short drive away.”
Steve visited the development for the first time in August 2015. “I went with my daughter Victoria to view the property and pick out details for our apartment,” he said. “Emma Freeman from HomeEspaña explained the entire process and assured us everything would be taken care of. She continued to update me on the progress of the apartment via email, including sending photos.”
When Steve returned to the development in August 2016, Emma updated him on the construction progress, helped him choose his furniture and put him in touch with a local lawyer. “She took me to the lawyers to get a Spanish will notarized, as well as address any questions I had about completion, getting my Spanish visa and opening a new bank account,” continued Steve. “This is a true example of excellent aftersales service that goes up and beyond what is expected.”
For the time being, Steve will visit his new apartment every six months for a holiday, before retiring there. He has no plans to rent it out.
The resort of Lo Pagán is on the northern shore of the famous Mar Menor lagoon, where it merges with the neighbouring resort of San Pedro del Pinatar. It has a large sandy beach, small marina and seafront promenade. Another attraction are the free mud baths, located at one end of the beach and said to bring health benefits. The resort also offers access to the popular Salinas walking and cycling trail. Getting there is easy, thanks to the airport at San Javier being just 10 minutes away and Alicante airport less than an hour away.
Whether you’re looking for a holiday home, an investment property, or a permanent residence, one key decision is whether to buy a resale property or a new-build home.
Whether you’re seeking a second home, a retirement haven, or an investment opportunity, understanding the differences between regions can help you make the right choice.
Here are some Frequently Asked Questions regarding the new law and the answers we hope will help potential and current homeowners understand the new scenario and its implications.
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