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The most common mistakes when buying new-build homes in Spain and how to avoid them
Nowadays, one of the greatest achievements in many people's lives is being able to purchase a new-build home. Advantages such as a warranty, energy efficiency, and customization make it a very attractive option. But it also carries risks if not handled carefully. At Larrosa&Co, we believe that the best purchase is one made with knowledge.
In this article, we'll explain the most common mistakes when purchasing new construction in Spain and give you practical tips to avoid them.
Mistake 1: Not checking the real estate developer's reputation
When choosing a new-build home, potential buyers often focus primarily on factors such as aesthetics, price, or location, overlooking other factors of equal or greater importance, such as the developer in charge of the construction.
If you're a developer with a history of defects or missed deadlines, among other things, this can lead to significant problems such as substandard quality, repair costs, or even legal disputes. To avoid this, we advise you to:
Research past projects they've completed. Look for other construction projects they've overseen, visit completed homes, and speak with homeowners if possible.
Check out reviews and opinions. Nowadays, thanks to the internet, forums, and specialized platforms, you can go far beyond just the developer's pretty page.
Check their financial solvency. A developer with good liquidity is less likely to experience delays or be forced to suspend construction.
Make sure they have all the necessary licenses. Such as building permits, land permits, municipal permits, etc. A transparent developer should provide this information.
Mistake 2: Not paying attention to the sales contract
Signing a contract without reading it carefully or accepting unfavorable terms because "everyone else does it that way" can be very costly. In the case of new-build homes, the purchase contract is essential: it establishes delivery times, conditions, penalties, warranties, liability for defects, and more.
Some common examples of problematic clauses:
Very broad delivery dates without clear penalties for delays.
Ambiguous conditions regarding the quality of materials, finishes, possible changes to plans, etc.
Lack of information about additional costs that may arise during construction.
Unclear definition of what is included in the price of the property (common areas, garage, storage room, swimming pools, etc.).
To avoid this, read the contract carefully and seek legal advice if necessary. Don't be afraid to ask questions and demand clarity. When you do, make sure everything promised is in writing. What the salesperson tells you should also be reflected in the contract.
It's also important that penalties for late delivery are clearly defined. That is, that there is a real commitment if delivery isn't made on the agreed date. Last but not least, check all the annexes. Make sure everything is written in the contract itself or in the annexes and is consistent with what you've been shown.
Mistake 3: Ignoring additional costs and hidden fees
The advertised price usually includes the property itself, but there are many other expenses that are often overlooked, especially if you buy without proper information. These can upset your budget and lead to unpleasant surprises. Recommendations:
Create a total estimated budget. Include all possible items: taxes, notary fees, registration fees, etc.
Ask clearly what's included in the price. Request a detailed specification sheet to find out what's essential and what additional costs might arise if you request improvements.
Consult with financial experts. A mortgage advisor or other professional can help you calculate your monthly payment plan, including all additional expenses.
Consider potential future costs. Maintenance, community fees, local taxes... These recurring charges are sometimes overlooked when comparing the options on the table.
Mistake 4: Not checking the location and surroundings of the home
Having a beautiful, well-finished home isn't everything. If the surroundings are poor, it will likely end up affecting your quality of life and the property's equity value.
Some overlooked factors:
Access and connections to public transport, roads, parking.
Nearby areas, establishments, and infrastructure (schools, supermarkets, health centers, green areas, leisure facilities, etc.).
Noise, pollution, neighborhood disturbances.
Future constructions that may affect views, light, privacy.
Planned public infrastructures that could change the environment
In short, before deciding on a new-build home, take the time to analyze its surroundings. Visit the area at different times of the day to check the traffic, noise level, and general atmosphere. Review municipal urban development plans to learn about future developments that could positively or negatively affect the area. And don't forget to consider the home's orientation, views, and natural light.
Mistake 5: Not planning financing properly
Many buyers don't realize the complexity of obtaining financing or what it can entail over time. Common mistakes include, for example, not ensuring they'll be able to afford the payments if their personal circumstances change, taking out a mortgage without comparing prices, or becoming overly committed to banks.
When planning financing, compare different mortgage offers and analyze their terms in detail. Run realistic simulations, taking into account possible interest rate increases or changes in your financial situation, and make sure you have savings in reserve for unforeseen events. Also, carefully review any advance payments made during the construction process, ensuring they are properly justified and regulated.
Buy safely and avoid surprises
At Larrosa&Co, we want you to buy with confidence and security, avoiding last-minute surprises. Because a home isn't just a property: it's your home, your project, your future. And to achieve that, being well-informed is essential.
Are you thinking about buying a new-build home in Spain? At Larrosa&Co, we'll guide you throughout the entire process so you can make informed decisions, avoid risks, and secure your dream home without any surprises. Contact us today and start your purchase with the peace of mind of having professionals on your side.
