​New construction apartments vs. Second Hand properties, Costa Blanca

Buying a new apartment or second-hand one in Spain? Every economic investment has its pros and cons. If you are going to buy an apartment either on the Spanish coast or in a city, it is a decision to make before searching for your future home.

Real estate Naranja Spain from Costa Blanca, gives you the 5 keys and differences between buying an apartment in resale conditions or a new construction:

Expenses and taxes when buying a new home vs. secondhand

Depending on whether the home you are going to buy is new or not, then you will pay one type of tax or another. If the apartment is new construction you will pay the 10% corresponding to VAT, on the total sale price of the property declared in the deed. And if it is an apartment in resale you will pay the Property Transfer Tax or ITP that varies according to the autonomous community where you make the purchase in Spain. It is less than the VAT applicable to new construction housing, between 6 and 8%.

Property Price

In a second-hand apartment the cost of the average square meter is lower. According to the data provided by the Spanish Ministry of Development, the square meter of second-hand apartments is 100€ less than new construction housing.

Where is the apartment located?

If the location of your apartment is an essential and non-negotiable factor then perhaps you have already decided if you are going to buy a new or resale house, especially if because of your lifestyle being located in the city center is essential, since it is the second-hand apartments consolidated in these centred areas.

Ans as you know the location of the house also comes directly related to the price of the property.

Characteristics and facilities of the house

Back in the days, in Spain the tendency of the real estate market was to make large apartments. However, now the new construction apartments are usually smaller but have more community services such as garden areas and sports facilities, being located on the periphery of the cities.

Customize vs Reform

The great advantage of new construction homes is that if you buy them before the construction is finished, you can customize it to your liking without falling into an extra expense since you can negotiate it with the builder. And with the second-hand apartments you probably have to make a reform to adapt it to your needs.

These five characteristics are the same that real estate agency Naranja Spain discuss with its clients when they are undecided about whether to buy a second-hand or new construction property. In addition to offering a real vision of the real estate market with guided tours of the new and resale apartments located in south of Costa Blanca.

If you are looking for real estate advice in the area of Guardamar del Segura, Torrevieja, Cabo Roig, La Zenia and Rojales (Ciudad Quesada). You have us at your disposal. We are a team with family values, honest and transparent. We are passionate about helping people with the search for their future real estate investment. Contact us, we can help you find the ideal apartment for you in Costa Blanca.