There are lots of advantages when it comes to buying a new home vs an existing home. Primarily, you are buying something that is completely new throughout, every fixture and fitting, every door, every appliance. Those appliances also come with guarantees from new.
The other advantages with new-build properties comes in the shape of the latest advances in construction technologies and green building practices - and as a side effect, better quality insulation leading to lower heating/cooling costs.
With the availability of new homes in all the regions we sell, the rental market has become used to quality, fresh and modern properties. Most rental agents will not take on older properties, instead ensuring their stock of homes are newly built with the latest appliances and comforts. To get maximum value in rental returns you should also consider new over old.
In Spain most new-build properties are within apartment/townhouse resorts. You choose your layout based on the existing options, and then decide on the fixtures and fittings. Homes in the Costa Blanca offer a contemporary, modern styling while those on the Costa del Sol are more traditional in their feel and look on the exterior, but on the inside offer all the latest designs and luxury fittings. Most resorts here come with community pools, sometimes are built on golf courses or near the beach, and have the benefit of offering excellent value for money.
In the USA a majority of the new homes available are based in resort communities. These consist of a collection of properties all within a dedicated resort with typically its own community pool and kids play areas, clubhouse, gymnasium, restaurants or bars for use by the residents of the resort.
Here you would choose the plot firstly, the position of the home within the resort. From there, the developer will have a choice of home styles to choose from, ranging from 2/3 beds all the way to 8 bedroom mansions. You choose the style, the layout, the fittings… everything is customisable.
In the USA, new homes can cost anywhere from $200,000 for a 2/3 bedroom home, but the best budgets for rental income are at the $300,000 range for the typical 4 or 5 bedroom villa with private pool. Compared to buying a typical 10 year old re-sale is usually a good $75k-$100k more price wise. But for some buyers, that cost is more than acceptable for the opportunity to own a brand new, custom property.
To build, new homes in the US take from 6-9 months to build typically, with your money going into a state regulated escrow account with a title company, and your funds only drawn down once specific construction hurdles have been met. Typical payment terms in a new resort are $5,000 reservation deposit, 30/40% down payment when signing a contract 30 days later and the balance upon completion of your home. IHG works with the biggest mortgage provider for foreign clients in Florida who will lend up to 70% towards the purchase of a new off plan property.