5 tips to avoid surprises when buying a new home



Becoming a property owner is a very important decision. If the objective is to buy new work, in exchange you will get a house of better construction quality and, surely, with a greater energy efficiency. At the moment, new plant developments are attracting a large part of the savings that Spaniards have accumulated during the health crisis. For the operation to proceed correctly, it is essential to take each step calmly, without being carried away by emotions, since impulsiveness it can lead us to make mistakes. From
We offer you a series of recommendations to minimize the possible risks of the transaction.

1. On plan – If the need to have a home is not immediate, promotions that start from scratch are the best option. When buying in advance, the buyer usually benefits from a price something tighter. On the other hand, the payment plan is scheduled so that amounts are contributed little by little. This also gives us time to improve our future mortgage profile. You have to make sure that any amount is backed by a guarantee.

2. Turnkey – Buyers who can’t wait will turn to newly built homes. The advantage is that you can set foot in the house from the first moment, without having to wait. However, it will be necessary to have at least 20% of the property value to give it as input and a good track record to get bank financing. Do not lose sight of the latest units on sale, as they usually have good discounts.

3. Licenses – In addition to the detailed plans and the memory of qualities, to gain peace of mind, there is a series of documentation that guarantees that the development is meeting milestones. From the granting of the construction license, which legally guarantees the construction, until the final construction certificate and the certificate of occupancy or first occupation license as appropriate. The latter is being replaced by the responsible declaration.

4. Guarantees – Any new-build home must have after-sales guarantees. The regulations establish a period of one year to claim damages related to finishes. A term of three also applies for material damages that have to do with the habitability of the building. Finally, there is a ten-year period for structural issues: foundations, supports, beams, floors, load-bearing walls, etc.

5. Taxation – The taxation of new construction is often unknown. The buyer must pay VAT, unlike the used home, which pays the Property Transfer Tax (ITP). The amount to be settled depends on the tax rate in force at the time of purchase. Currently, the VAT is 10% for free housing and 4% for protected in all Spain except in the Canary Islands, where the Canary Islands General Indirect Tax (IGIC) is 7%.

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