Off Plan Low Deposit Property in Spain
01 BARGAIN PROPERTY IN SPAIN
Spanish property prices doubled in the half decade to 2007, but now the market growth has slowed it is time for the bargain hunters to take advantage of Spain's real estate stability and growth that have been well recorded by Governmental and European agencies.
The current state of the market is encouraging many more people in the UK to buy a home in the sun. A Sky News survey showed 88 percent of UK viewers wanted to live abroad, with Spain the favourite destination by far.
Pioneering website, Property in Spain have a wide range of prime off plan property in the most popular Costas on special terms designed to help buyers to acquire a bargain.
Clearly that will continue in a buyers' property market like Spain for a little while yet, so now is the right time for getting a foot on the ladder to benefit from today's bargain prices, whether buying a resale or bank repossession for immediate occupancy or waiting up to 20 months for a lovely new home on a sparkling hillside, beachside or golfing urbanisation…
For investors buying resale or key ready property in Spain, it means an immediate dramatic improvement in return on Investment as they are “earning” within days of paying a reservation and deposit to buy their property of choice. With tourism still booming, there are more holiday lettings in Spain than ever before.
02 Low Deposit Purchase
Pioneering Property in Spain have a wide range of prime off plan properties in the most popular Costas on special terms designed to help buyers to acquire their choice of investment or live-in home right now on new revolutionary terms rarely seen in the Spanish real estate that is traditionally geared to extract the maximum upfront payments from buyers, sometimes up to 50-70% of the purchase price.
Property in Spain 's Easy Buy plans include:
Property in Spain property professionals have carefully selected the Low Deposit properties to give every buyer a good selection on prices and location.
(b) Low Deposit Property
Low Deposit Purchase properties are all in excellent locations on brand-new developments or latest phased releases and the easy terms are designed to make it easier for immediate purchase with the prospect of maximum equity gains for minimum financial risk.
(b) Deciding to buy
Property in Spain will provide a reasonable amount of information and images to enable buyers to decide on a property using online information and images. An optional viewing trip can be take right away or at the point of formal exchange of contracts. A separate illustration of the actual payment plan will be provided showing cashflow requirements and anticipated equity growth.
(c) Paying the reservation fee
A reservation fee of between 3,000 and 8,000 is required within 48 hours to safeguard the first or subsequent property choice. The money transfer and a faxed copy of the bank's transaction sheet is sent directly into the bank account of the developer who will allocate your property and send out a private contract of sale to you and your chosen Spanish solicitor.
(d) Paying the single deposit
10% deposit properties sell out within days of being offered to buyers on a first come, first served basis and it usually doesn't take much longer for developments requiring deposits of 15% or 20%, although there are generally more available. These deposits are one-off single payments plus IVA (Spanish VAT) on the amount and usually required with 30 days of reservation. Payment should be made with the approval of the buyer's Spanish solicitor who has had time to carry out all necessary checks.
(e) Paying the deposit and further payments
Some developers offer payment plans of lower reservation fee and around a 10-15% deposit with a further three of four similar payments depending on the time to completion. There is a built-in mortgage on offer for the balance of 60% or 70% of the outstanding balance at completion and there can be a combination of additional cash payment and mortgage, depending on individual requirements.
(f) Need a mortgage or additional funding?
Interest rates in Spain are much lower than in the UK and doing a few sums can often result in huge savings compared with extending an existing UK mortgage. If possible talk to mortgage experts with an up to date knowledge of both markets and check with your solicitor on the possibility of a subrogated mortgage tied to your specific property purchase which are cheaper to set up. Spanish banks are more conservative in their lending, but in recent months it has become possible to obtain loans of 80 percent or more.
View our Low Deposit Spanish Properties >
Useful websites for general research
Spain website | Costa Blanca | Valencia Province | Alicante Province | Murcia Province | Benidorm | Castellon Province | Finestrat | Benissa Resort | Torrevieja Guardamar | Villajoyosa