Buying a property off-plan can offer excellent advantages, from securing a new home in a desirable location to choosing finishes that reflect your personal taste. However, it also raises specific questions that differ from buying a resale property. At Serneholt Estate, we regularly guide clients through the off-plan process, addressing key concerns along the way. Below are some of the most frequently asked questions we receive.
How does the off-plan buying process work?
Once you’ve chosen your off-plan property, the first step is usually to sign a reservation contract and pay a small reservation fee (typically €6,000 to €10,000) to secure the unit. This removes the property from the market. A private purchase contract follows, often requiring a payment of 20%–30% of the purchase price, with further staged payments depending on the construction timeline. The final balance is paid on completion, when you sign the public deed at the notary.
Is it safe to buy off-plan in Spain?
Yes, provided that proper checks are carried out. All reputable developers in Spain are required by law to provide bank guarantees on stage payments, meaning your money is protected if the project is not completed. At Serneholt Estate, we only work with established developers who meet all legal and financial requirements. We also recommend using an independent lawyer to carry out due diligence and oversee the process on your behalf.
How long will it take until my home is finished?
Construction timelines vary depending on the size and phase of the project, but most developments complete within 18 to 24 months from the start of building. Delays can occasionally occur due to administrative procedures or supply chain issues, so it’s important to understand the expected handover date and the developer’s record of timely delivery.
Can I customise the property?
In most cases, yes. One of the advantages of buying off-plan is the ability to choose finishes such as flooring, kitchen units and bathroom fittings, within a selection offered by the developer. Some projects also allow for layout adjustments or upgrades, although these may be subject to an additional cost and must be confirmed early in the build process.
Do I need to be in Spain for each stage?
No, your lawyer can represent you through a power of attorney, allowing them to sign contracts, make payments and even complete the purchase on your behalf. However, many clients prefer to visit at key stages to check on progress or make selections in person.
What are the additional costs involved?
In addition to the purchase price, buyers should allow for taxes and fees of around 10%–13%. This includes VAT (IVA), stamp duty, notary fees and legal costs. Off-plan properties are typically subject to 10% VAT and 1.5% stamp duty, which differ from the tax regime on resale homes.
Why buy off-plan with Serneholt Estate?
We provide expert support at every stage of the off-plan journey. From identifying the right development to liaising with the developer, advising on customisation and ensuring all legal aspects are in order, we ensure a transparent and straightforward process. Our close relationships with developers also give clients access to early releases, prime units and exclusive promotions.
If you’re considering an off-plan purchase in Spain, contact Serneholt Estate to explore current opportunities and get tailored advice from our experienced team.
