When it comes to buying property in Spain, there may be things that you might not entirely understand or know, so here are 8 questions to ask Spanish property developers before you put pen to paper:
What information can they give you that you can’t find online?
Website listings can only tell you so much about a property or development and seeing as it’s such a huge decision, when you start considering the purchase of a property in Spain, ask the Spanish property developers you are dealing with what extra information they can provide that you couldn't find online. This article says, “you can ask them about the property type, location, price, payment schemes available, incidental costs aside from paying your down payment and other details that will help you with your decision-making.”
Do the developers have the capital to complete the project?
If you are buying into a project or development before it’s actually been built, it’s of utmost importance to ensure that the Spanish property developers have the capital to complete it. If they rely on other buyers to ensure that the development is completed this could potentially end very badly. Ask everything you can so that you can make an informed decision about the purchase.
What factors might influence the value of the property?
While on the surface the property may seem like a sound investment now, what might happen in a couple of years time that will potentially affect the value of the property? You can’t except the Spanish property developers to predict the future, but they may have some insight into zoning rights for the near future and other information you might not have access to. For example, the kinds of questions you can ask are: is the area safe? What is the value of the properties nearby? Are there any big construction zones nearby? Are there any plans to build a highway next to the property or nearby?
Are all the legalities in place?
Something you really want to establish early on is whether all the relevant authorities have signed off the final plans of the development. Equally important is to have an understanding about what kind of title the developers have to the land. Check the master title insurance policy with a trusted attorney, preferably one not recommended by the Spanish property developers.
What are the drawbacks of the property?
Not only will this allow you insight into the actual drawbacks of a property, but it will show you how serious the Spanish property developers are about the development as well as how much they believe in it themselves.
What is the turnover process?
Ask your Spanish property developers to explain the turnover process (the process of handing over the property to the buyer) and what fees might apply at this time or before this time for the turnover to happen, such as home association fees. Also relevant to ask at this point, is if you would be allowed to make any upgrades or improvements before the turnover and ask what the limitations and schedules around that kind of thing are.
Does the development take social and environmental factors into consideration?
While this is something that may not make or break your decision to buy, it’s still a very good question. First of all find out if the developer is aware of and addressing the social and environmental implications of the development and if they are supporting the community in any way.
Will they let you speak to their previous clients?
When making such a big decision, it’s important you know who you are dealing with so do as much research as you possibly can about the Spanish property developers involved, look at their past developments (and if they were completed), and even ask them for past clients’ contact details to get references. This small step may save you a lot of trouble down the line. You can even ask estate agents who are familiar with the Spanish property developers their opinion. Gather all the information you can and then figure out how you feel about them and the purchase.
If you are looking for a trustworthy company in Spain with a stellar track record than look no further than Grupo Esmeralda for incredible properties for sale in Costa Blanca. Contact them here today to have a look at their incredible portfolio.