can anyone help with some info about buying off plan in Spain. I have found a house to be built but dont know when in the process of the deposits and payments you organise the mortgage. Also are there any banks or lenders that you know off that offer good rates on buying off plan mortages
Be careful when buying off plan. There have been several articles in the papers here (southern Costa Blanca) about people being sold plots of land then finding out that the houses they had built on them do not have permission and they are being demolished by the local authorities. The builders in these cases deny all knowledge of wrong doing and sometimes even disappear with the rest of the buyers cash. Go to a bank in Spain with all the details of the prospective purchase and ask for a mortgage (usually they will only lend max 70%) they should then do all the necessary checks re the legality of the project and will not touch it if they are doubtful about anything. If this happens, walk away or you may live to regret it. Good luck.
I bought off plan in Florida and it has been a good experiance. It is a lot safer to buy off plan in Florida as the Law protects you. I made on the sale of my property 70% net profit on my 25% capital outlay in the 8 months it took to build $60,000 gross.
I agree with latorre there has been a lot of dodgy dealing going on in Spain, be very careful indeed.
We bought off plan in Portugal and have had a very happy experience and are thrilled with our villa in the Algarve.
Try and find out about reputable firms. Try using the expatfocus forum to ask about. The guys on there will give you good advice. We found great friends on there in Portugal.
