This article is one of series written after our own recent experiences when choosing a holiday villa in Casares Del Sol, in Spains Costa Del Sol. The path to holiday home purchase abroad has many routes and along our path we have picked up some pointers.
Specifically this discussion briefly reviews the two types of property purchase. My sound advice is to engage an English speaking lawyer to lead you through the buying maze. In Spain a property lawyer is called a Notary. The law in Spain is dissimilar to other countries and at first will seem daunting and complex but you will soon pick up the process. It does make life much easier if you can speak to your Notary.
Very basically there are two types of holiday home purchases abroad. On plan where you buy a resale or newly completed holiday villa and full payment is quickly due as in a normal house purchase, and Off plan where you buy a holiday apartment still to be built or which is still to be finished. Payments are in stages.
In Spain On plan deposits are normally referred to arras, deposito, fianza, and reserve. Whilst the deposit price is negotiable allow for paying about 10 per cent of the purchase price, the balance is paid upon completion. Confirm whether your purchase contract, contracto states plainly whether the initial deposit is to be paid back in the event of non-completion. Expect there to be conditional clauses attached to a purchase contract, and are called clausulas abrogatorias.
Off plan is often the preferred option both for the vendor and vendee. From the point of view of both parties the deposit can very low, in some cases 3-4,000 Euros. There is usually a 30 day cooling off period after which time normally 20-30% of the purchase price has to be paid, minus the initial deposit. The agent loves off plan since it is easy to sell the dream.
Friends of ours have been privy to this poetic license occurring when buying their own specific holiday apartments off plan.
Example 1: The internal floor space appeared smaller when they obtained the keys than on the original specification, no less than 7 sq meters less in fact.
Example 2: The apartment block was further down a hill than on the original plan, and consequently closer to noise and the associated distraction from road traffic.
Finally, before you decide which type of purchase is for you do lots of research! And once you have selected your villa, sign up with a company that specialises in villa furnishings and get them to show you suitable villa furnishing packs that are within your budget.
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