Property abroad – what are the merits of being the last to buy?
It’s very often the case that new developments use all the incentives they can to encourage the first few buyers to sign on the dotted line – sometimes before the project has even started construction – to build up momentum and encourage more buyers to follow.
However, when it comes to acquiring a property abroad, whether as an investment or for personal use, there can be advantages to being the last to buy, rather than the first.
The sales and marketing director at Taylor Wimpey España, which has been selling coastal homes in Spain for well over 60 years, says purchasing the last units on a development delivers a number of clear benefits.
“Snapping up the last stock also delivers greater insight into monthly communal expenses, so you have a better idea of what your ongoing costs will be.”
He adds that the last unit sold is often the show home, meaning that it might have a few added extras included that standard apartments on the same development may not.
Typically, show homes are penthouses or similarly impressive properties, coming complete with ‘lovely views, larger terraces or other advantages’.
Pritchard argues there’s also the possibility of negotiating to include the show home furniture in the purchase, which is ideal for buyers looking for a fuss-free, fully furnished property.
Taylor Wimpey España witnessed property reservations by British buyers rise by 180% in its May 2022 YTD figures, while data from Rightmove echoes the strong appetite from British buyers, with enquiries for homes in Spain increasing by 36% in April 2022 compared to the same month in 2021.
In fact, so intense is demand that three of Taylor Wimpey España’s developments in the Balearic Islands and two in the Costa Blanca are all now down to their final few units.