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New or second-hand construction real estate, what is the best purchase option?

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We know that buying a property is an important decision in your life. Many factors must be taken into account, such as the budget you wish to invest, the square meters and rooms you need, the location and infrastructure. In addition the quality of the construction, materials and design, as well as the services available in the resort (swimming pool, children’s play area, gym …).

Once the budget has been established, as well as the rest of the needs and preferences according to our lifestyle, the dilemma arises: buy a new or second-hand home? Let us tell you more about the advantages and disadvantages of these both options.

Buy a new construction property in Spain 

We noticed that at the end of 2019, the purchase of new construction homes in Spain soared with a rise of 12.1%. This shows that it is a very attractive form of acquisition among buyers. That is good news, isn’t it?   

Because buying a new construction has numerous advantages, such as that the house is a newly built property, it has the most advanced materials on the market, it is more comfortable, has better energy efficiency, which mean enormous savings in the maintenance costs.  

In addition, some modern buildings, like our Residencial Portal del Mar, usually have common areas, where you can enjoy your free time and relax with the family. As well as a swimming pool, gym, storage rooms and underground parking are made made for your convenience.  

The little disadvantage of new construction is the waiting time for the construction to be completed and delivered to the owners. This period can take approximately two years. Another drawback may be some potential defects that may arise once the work is finished and delivered. However, more and more people trust the new construction in Spain. The promoters are obliged to accompany any purchase operation with the usual guarantees regarding non-fulfilment  of a contract or defects in the work. 

Two additional guarantees are attached. The first establishes that, if the construction is not finished, the developers are obliged to return the money advanced by the buyers plus interest. The second requires depositing the amounts paid by the buyer in an open account whose purpose is exclusively to cover the needs of the construction. 

Second-hand homes, what advantages do they have? 

Among the main advantages of second-hand housing is the location. In the centre of cities there is hardly any availability of land to build new homes, so if you want to enjoy exclusive or central areas you will have to opt for second-hand properties. In addition, these areas usually offer a wide range of services and options for leisure: restaurants, local shops, sports centers, etc. 

The main disadvantage of these homes is that they usually need renovations, either to renew materials that do not work properly or to change the style and decoration of the house and make it more modern and in line with personal taste, such as the floor, paint the walls, color the woodwork.

You still don’t know what is the best option for you? 

We at Miramar Home want you to have the house of your dreams, be it second-hand or new. We invite you to know our exclusive new construction projects or visit our real estate section with many offers for you. If you still have questions, call us and we will consult you without obligation!