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Buying to Retire or Settle Down

People who are looking to buy a property to settle down in Spain will have a different preference regarding to the type of property, location, etc but they still have many things in common compared to investors or people buying to let. Below you can find information about what to take into consideration if you are looking to buy a property in a new development regarding to the price, quality, when to purchase and location, views and utilities.

Price

One of the first things a potential buyer has to do is to determine how much money they are willing or able to spend on a property. The amount of money will of course have an influence on the properties available and you might not always be able to find the requested type of property, in the right location for the price range you seek. The price range for new developments in Spain is very different depending on the location, views, qualities, size and other factors. We therefore recommended to do some initial investigation and to set your price range before coming to Spain to buy your property. In our database you can find a number of different Spanish properties in all price ranges and you are also very welcome to contact us for further information and advice.

Qualities

The price of a property will amongst other factors depend on the qualities used in the construction of the development. Although it might seem like there are similar properties available a little cheaper we recommend to consider the quality if you are purchasing a home to settle down in Spain. It is easy for a developer to make a new property look good even though the quality might not be very good. After a few years this is clear and most people will be more satisfied with a good quality home if they are planning to live their for a longer period. It can, in some cases, be difficult for an inexperienced buyer to realise the standard of quality in a development. It is therefore important to ensure the developer is established by getting the right buying advice.

When to purchase a new property

When to purchase a new development depends a lot on how much chance the buyer is willing to run. As explained in the section Off Plan Properties in Spain the price will increase during the construction period and is initially set below market value to attract investors and early purchaser. This means that if you buy in the early stage of the construction you will be able to get the property cheaper. However, the major disadvantage is you will not be able to see the final result as the property has not been finished. For people who are buying a property to live there for a longer period it is important to be able to see the property before signing the purchase contract. However much the development has been designed it is normal that small changes to the original plan will happen. Therefore the buyer’s perception of how the project is going to look like when it is finished is normally not the same as the final result. If the developer has already finished the first phase of the development or if they have a show flat, it would be easier for the buyer to make a decision.

Location, Views and Utilities nearby

The location of the property is very important if you are buying a property to live there permanently. You might have been in the area before during vacations but if you are going to live there for a longer period there are other things you will have to take into consideration. One of the most important things is the utilities located close by like shopping, doctors, schools, work and free-time activities, which are different from what a holiday maker is looking for. Many people also have an inaccurate idea of how it is to live in a small village or inland in the mountains. After having purchased such a property and stayed for shorter period they often regret and move again. See the section Intital Steps of Buying a Property in Spain or get our Free Buyers Guide for further advice.

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