Buying off-plan: what to check before investing with confidence
The purchase of an off-plan property has become an increasingly common option in the Spanish real estate market. Both for those looking for their first home and for those who wish to invest in new construction, this formula offers clear advantages, but it also requires a rigorous prior analysis. Since it is not a finished property, the buyer must base his decision on technical documentation, projections and contractual commitments that should be carefully reviewed.
In this article we analyze, from the experience of the BySales team, the fundamental aspects that you should take into account before buying an off-plan property, in order to help you make an informed and safe decision, aligned with your expectations.
What is involved in buying a home off-plan
Buying off-plan in today’s real estate market
Buying off-plan means acquiring a home that has not yet been built or is in an initial phase of construction. The decision is made on the basis of plans, infographics, specifications and a forecast of deadlines. This type of purchase is usually accompanied by a progressive payment schedule and, in many cases, a more competitive price than that of a finished home.
However, precisely because it is not possible to visit the final property, it is essential to analyze with special attention all the elements surrounding the operation.
Documentation and sales contract
Contractual aspects that you should review before signing
The contract is the backbone of the transaction and should be reviewed with extreme care. It must contain, in a clear and detailed manner, all the essential elements of the property: surface area, distribution, annexes, total price, applicable taxes, form of payment and delivery terms.
The quality report deserves special attention. It is not an accessory document, but a contractual reference that defines the materials, finishes and installations that the property must have once completed. Any ambiguity can lead to interpretations that do not always favor the buyer.
It is also advisable for the contract to include penalties in the event of unjustified delays or non-compliance on the part of the developer.
Licenses and urban situation
Building Permit and License of First Occupancy
Before signing, it is essential to check that the development has a building permit granted and that the project complies with current urban planning regulations. This aspect is key to avoid future problems, since the lack of licenses can delay the delivery of the property or prevent the obtaining of the First Occupancy License.
The First Occupancy License is the document that certifies that the property can be legally used for residential purposes and that allows the contracting of basic supplies such as water, electricity or gas.
Advance payments and legal guarantees
Bank guarantee and buyer protection
In an off-plan purchase it is common to make payments before the completion of the construction work. Spanish legislation protects the buyer on this point, obliging the developer to guarantee the amounts paid on account by means of a bank guarantee or insurance.
It is essential to require these guarantees and to verify that each payment is properly supported. In this way, the buyer is assured of a refund of the amounts paid in case the promotion is not completed.
Associated expenses and long-term costs
Community expenses, maintenance and financial provision
Beyond the purchase price, it is advisable to analyze other expenses related to the property: community expenses, maintenance of common areas, possible future fees or costs derived from additional services such as garages, storage rooms or community facilities.
Having a complete view of these costs allows us to assess the economic viability of the operation in the medium and long term.
The importance of professional advice
Expert support for off-plan home purchases
Buying a home off plan is a decision of great economic and personal impact. Having specialized advice during the process makes all the difference. A professional team can help you review documentation, negotiate terms and anticipate risks that are not always obvious to the buyer.
At BySales we accompany our clients in each phase of the process, providing a strategic vision of the market and a deep knowledge of the new construction, with the objective that each purchase is made with total transparency and security.
