How to Evaluate an Off-Plan Property Before You Reserve
LMG REAL ESTATE
Buying Off Plan Property on the Costa del Sol
The checks to make before you reserve a home under construction
Buying off plan asks you to make a decision about a home you cannot yet walk through. The design may be appealing, but the details that matter most are often in the plans, specification and purchase agreement.
A careful review helps you understand what will be delivered, how your payments are protected and what happens if the project changes. Begin these checks before signing a reservation.
Understand who is behind the project
Review the developer’s completed projects and, where possible, visit one. Look at the quality of the finished buildings, how promised facilities were delivered and how defects were handled.
Your lawyer should confirm the legal entity selling the property, its relationship to the development and the ownership of the plot. A familiar brand name does not answer those transaction-specific questions.
Check the permits and planning position
Ask your independent lawyer to verify the building licence, relevant planning documents and any registered charges. Obtain a clear explanation of what has been granted and what remains outstanding.
Review the contract’s treatment of construction starting late, changes to the project and delayed delivery. A permit application and an issued permit represent different stages, which should be reflected in your understanding of the purchase.
Know how each payment is protected
Request the complete payment schedule, including taxes, and check when each instalment becomes due. Confirm the receiving account with your lawyer before transferring money.
Spanish building law provides for guarantees or insurance and special accounts for advance payments under the applicable conditions. Banco de España explains that the guarantee obligation arises when the building licence is obtained.
Have your lawyer verify the protection for your transaction, the amounts covered and the documents you should receive. Keep copies of the contract, guarantees and every payment record.
Read the specification closely
Compare the plans with the written specification. Check usable and built areas, terrace dimensions, orientation, parking, storage, appliances, climate systems and communal facilities.
Identify what the developer can change and how substitutions will be handled. If a feature determines your decision, such as a particular finish or an included parking space, ensure it is recorded in the agreement.
View renders as illustrations. Ask which details are contractual and which are indicative, including furniture, landscaping and the outlook from your chosen unit.
Inspect the site and its surroundings
Visit the plot and test the routes to the places you expect to use. Review the surrounding land and ask what is confirmed in the planning information.
Future works can affect the experience of living there. Consider access, traffic, noise and the possibility of additional buildings when assessing a promised view or a quiet setting.
Plan for completion and a possible delay
Allow for furnishing, utility connections, community fees and any items excluded from the purchase. Make sure the expected handover date fits your own moving or travel plans, and consider the cost of alternative accommodation if needed.
If rental income forms part of the decision, review permitted use and build a net budget with management, maintenance, vacancy and taxes. Test whether the purchase still works if delivery or income differs from your first assumptions.
Agree on a documented inspection and defect-reporting process at handover.
A reservation should follow a clear understanding of the home, the contract and the remaining uncertainties. With that information in place, you can compare projects on more than their visual appeal.
Considering an off-plan purchase? Ask LMG Real Estate to compare suitable projects, their locations and the key questions to take to your independent lawyer.
This article provides general information and does not replace legal, tax or financial advice. Obtain advice for your circumstances before signing an agreement or transferring funds.