REAL ESTATE
At Jímenez & Grifhorst, you can choose from well-maintained existing homes or luxury new construction projects.
Before making a decision as important as buying a home, one of the first questions is whether it is more convenient to buy a new construction home or a used home. There is no single answer, as both options have their advantages and disadvantages. The final decision will depend on your own preferences and needs.
Below our offerings, we list the pros and cons for you.
New construction projects
Málaga | Torremolinos | Benalmádena
View our selection of new construction projects in the region of Málaga, Torremolinos and Benálmadena on our website carihuela.com
New construction projects
Fuengirola | Mijas | Marbella |Estepona
View our range of new construction projects in the Fuengirola, Mijas, Marbella and Estepona on our website realestatecostadelsolspain.com
Already existing constructions
Costa del Sol
View our range of existing and second-hand properties on the Costa del Sol on our website carihuela.co.uk
New construction homes
Advantages:
More efficient and better lit space allocation. New construction typically has large windows, terraces and large balconies and is also better equipped in terms of home automation than second-hand buildings.
If purchased off-plan, in some cases it is also possible to make changes to the finishes or even the layout of the property. Since this is a new construction home, you will not have to do any major remodeling.
New construction homes have better quality guarantees. The Construction Planning Act (LOE) ensures that every new building has one year of coverage for damage or defects in workmanship, three years for defects affecting habitability and 10 years for defects in the structure of the building.
Disadvantages:
The price is fixed and generally non-negotiable.
If you buy a house on plan, you have to wait until construction is complete before you can move in, which often means double the cost. On the one hand, you must pay the installments for the new home, and on the other hand, the payment for the home you live in.
Second-hand homes
Advantages:
Lower price. Second-hand homes tend to be cheaper and usually have a central location.
Second-hand properties usually have long-term disadvantages because they begin to have facility defects over time. But if the purpose of the purchase is an investment, this type of home is more attractive. The properties offering the highest rental yields tend to be found close to downtown, where the housing stock, with few exceptions, is exclusively second-hand.
Disadvantages:
In many cases, a used home requires renovation. The age and state of repair of the house determine the extent of the renovation.
Lower energy efficiency and higher spending. Second-hand homes typically have, among other things, thermal coatings and heating systems that are less efficient than those of new homes, leading to higher energy costs.
Taxes and financing
Taxes are another factor to consider before choosing one type of property or another. If it is a new construction, the buyer must pay the value added tax (VAT), which is 10% of the final sales price throughout the Spanish territory. For used homes, the buyer must pay the transfer tax (ITP), the amount of which depends on the percentage applied to the purchase price stated in the deeds usually a rate between 6% and 10% of the value.
In mortgages, banks do not distinguish between new construction and used homes, but will take into account the appraisal value and personal characteristics of the contractor, this will determine, among other things, which type of mortgage to choose.
