News: New build property guarantees and home warranties in Spain
Written by Inmo Investments - 6 Jan 2018
New homes in Spain benefit from 10 year warranty
Seguro Decenal: the ten year construction warranty
There are many reasons why people choose to buy a new property in Spain instead of a pre-owned property.
One of the most significant financial advantages of new build properties over their resale counterparts is the warranty and the consumer protection that comes with it.
Just like some other European countries, it is mandatory for all new build residential properties in Spain to be sold with a 10 year property guarantee.
The construction warranty is a compulsory requirement legally mandated by Article 1591 of the Spanish Civil Code and statute 38/1999 of Spain's Building Act (Ley de Ordenación de la Edificación).
Known in Spanish as the Seguro Decenal, the building warranty covers structural faults that affect fundamental construction elements such as foundations or the retaining walls for 10 years after building completion.
The guarantee is offered in the form of an insurance policy issued by a third party property insurance company, and as such, is completely independent of the builder or developer.
The warranty works in a very similar way to the NHBC Buildmark guarantee in the UK, and protects new home buyers from any potentially negative financial effects arising from building faults and defects that affect the safe use of the home or the land on which the property is built.
And just like the Buildmark scheme, the Seguro Decenal insurance policy is fully transferable and can be passed on to subsequent home owners within the ten year time frame.
New build property in Spain: legal guarantees for owners
Furthermore, owners of new build properties enjoy additional legal protection under Spanish law.
For one year after the sale of a new build property, Spain's consumer protection laws hold both the developer and constructor of new build property jointly liable for minor construction flaws such as leaking bathware, mismatched floor tiles, or any fault caused by poor workmanship or the use of substandard materials.
The law offers additional consumer protection for the first three years of occupation covering defects that arise directly affecting the property's suitability for usual habitation, like a leaking roof, faulty electrical appliances, or the ingress of damp.
These strong consumer rights and the ten year guarantee provide prospective buyers of new build property across the Costa Blanca with peace of mind.
For some buyers, particularly investors, it is an advantage certainly worth considering when choosing between new build or resale properties.
Begin your search for your perfect investment property or holiday home now, click here to browse our portfolio of quality properties for sale in Spain, or click here to download our latest property magazine.
FURTHER READING ...
> The Costa Blanca hotspot where you can buy a property for under €50,000
> Alicante Province records 12.5% increase in property sales
> Your place in the Costa Blanca sun: home or away?
IMPORTANT NOTE: Inmo Investments Real Estate SL highly recommends that home owners have appropriate home insurance cover for their properties in Spain. Neither the Seguro Decenal nor Spanish consumer protection legislation should be relied upon as a replacement for home insurance.
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