New Build Property for Sale in Orihuela Costa Alicante

Most common payment ways when we buy a house of new construction in Spain

In this article we summarize the most common properties to acquire new payment formulas work. Check it out.

The process of buying a newly built housing in Spain is quite similar to what occurs in the same circumstances in any of the countries of Europe. In this post, at Vincent Real Estate we will list the main forms of payment when you buy a new home in Spain.

Cash payment, with or without mortgage.

Given the value of homes, it is usual that a mortgage loan for the down payment is constituted. The mortgage is to sign a mortgage loan with a bank that will advance the amount needed and it will be returned, according to the agreed conditions, in monthly payments, interest rate and for a number of years.

Loan repayment is guaranteed by the home itself. In some cases plus additional guarantees (a second mortgage, guarantees, etc.) they are required. The consumer can choose the mortgage loan that is most appropriate, and may even be subrogated (take over) the mortgage loan already constituted by the builder or developer for building housing.

Before entering into the contract of sale housing, make sure that you can get a mortgage for the amount needed for the purchase.

Deferred payment, with or without mortgage.

It occurs when the consumer pays the builder or developer amounts in different time frames. Such amounts are deductible from the final price. If the construction of housing is not complete, the developer or builder must ensure the quantities delivered by the following ways:

- Constitution of insurance.

- Deposit of quantities in one account established for this purpose.

Vincent Real Estate, new developments in Orihuela Costa and Costa Blanca.

Check out the catalogue of our website where you can find homes with different characteristics in different areas of Orihuela Costa, as well as elsewhere in the Costa Blanca and Costa Calida.

Vincent Real Estate is a family business with a team of experts estate agents totaling a combined experience of 60 years. We offer a wide range of real estate services covering all stages of the purchase of housing.