Advanteges and issues related to purchasing a new property.
New property in Costa del Sol: What to take into account?
Investing in property is a really profitable niche in the market, even better if it is in Costa del Sol. Partly, because they are actively encouraging foreign investment, but also because their laws are relatively uncomplicated and it does not require residency to buy any kind of real estate, whether it is residential, commercial, or land.
Anyone can buy a brand new house, apartment or villa, decorated or not, with new fittings and fixtures. So, it is really easy to invest or find a modern place to live, where every element that makes up that home has an extensive expiration date.
What to focus on when investing in a new property Costa del Sol?
Before signing off, you should verify that all the procedures have been met. So, do not hurry and take your timeto double check every aspect of the process is in place, especially the following:
The property has an authorisation of a ten-year structural warranty.
Spanish law requires that construction companies provide a ten-year structural warranty to ensure that the building is protected from worrying construction issues. As this is an important aspect, make sure this is included in the signing documents.
The Official Association of Architects have completely approved the project.
In Spain, every structure has to be approved by the official association of architects (Colegio de Arquitectos in Spanish). This approval will guarantee that the project has been studied and all the construction patterns have been met.
The property has been granted a certificate of First Occupancy.
This certificate will not only provide you with the guarantee that you are the first person to possess that property, but it will also certify that the local government has registered and approved the construction process. So, make sure it is within the signing documents.
Electricity and water systems are connected to the supplying companies.
Sometimes, the water and electricity systems are connected to temporary systems to make sure everything is working correctly. However, this is not something that should happen while signing.
All appliances and fixtures are supported by an official guarantee.
As well as there is ten-year structural protection, the appliances and fixtures should have their own individual warranty. Make sure it is included within the documents to protect every part of the investment.
What to check during the snagging visit?
At this stage, all components of the new property Costa del Sol have to be in place. Be rigorous and look for all the small possible failures in every single one of the rooms, including the front door and external areas of the building, like the storeroom or the garage, if they apply.
Here are some of the questions you should be asking yourself during the visit:
- Are there cracks in the ceiling? See on the skylight corners.
- If the ceiling has drywall, do they have tape joints? Check with both natural and artificial light.
- Are the skylights sealed?
- Are there cracks near the door or the windows? Have a look at the corners.
- Is the painting completed? Are there tape joints not properly sanded or painted?
- Are there cracked wall tiles?
#3 Doors and windows.
- Spot for scratches, dents or buckling on the frames
- Check doors and windows can open and close correctly.
- Are the glass panes damaged?
- Check the sink is sealed correctly in the counter
- Are there gaps in the countertop corners?
- Verify the backsplash is properly shuttered
- Are there cracks in the tiles?
- Look for shred ends on the carpet
- Inspect the transition strips where different floors meet
Every finish, appliance and system should be addressed by the builder, including those related to air conditioning, electricity and plumbing. So don’t accept flaws or defects, such as forgotten aspects, poor craftsmanship, latent defects, as well as design and material problems.
Consider hiring a professional.
It is always highly recommended that you ask for expert advice in the snagging stage. Professionals will always know the acceptable levels of finishing, what to answer in every case and what to look for during the process.
All of these aspects are not only important for old buildings, but also for new structures. After all, it could show signs of structural movement, moisture and other defects that could damage your investment in the long run.
EXPO Costa del Sol works hard to provide investors with sound advice to help them make well-informed decisions when purchasing real estate. If you are interested, just contact us and we would be glad to help.