We’ve finally settled on our new home in Valencia! The process was quite a journey, but we’ve learned a lot along the way. Seeing many people in the forums discussing this topic, I thought I’d start a thread to share our experience. Hopefully, it can serve as a reference for others, and I welcome everyone to share their thoughts too! We chose Valencia primarily for its climate, lifestyle, and growing potential—it just feels like a very livable city.
The House-Hunting Phase
Initially, we were searching aimlessly on sites like Idealista and Fotocasa. There were many listings for new builds, but the information felt scattered. We later found it was much more efficient to visit our preferred neighborhoods in person and look for sales offices at promoción (new development) construction sites. We mainly looked at new developments near the City of Arts and Sciences and in the Patraix area. The former is modern and convenient, while the latter is a more established community with a local vibe. The great thing about a new build is that everything is brand new and designed for modern living, but the downside is that there are fewer options compared to resale properties.
The Purchase Process and Key Costs
The entire process generally goes like this: pay a reservation deposit to secure the unit -> have a lawyer review the contract -> sign the preliminary purchase contract and pay 10% of the total price -> wait for construction to be completed -> and finally, sign the final deed at the notary’s office and pay the remaining balance. It’s crucial to mention that new builds are subject to a 10% VAT (IVA). This is a significant expense that must be factored into your budget beforehand. We almost overlooked this, assuming the taxes were similar to those for resale properties, but thankfully we caught it in time.
Off-Plan vs. Key-Ready Properties
For new builds, there are two main options: off-plan and key-ready. We made a simple comparison chart that you might find helpful:
| Feature | Off-Plan | Key-Ready |
|---|
| Price | Usually offered at a discount | Fixed price, little room for negotiation |
| Customization | Can choose materials, layouts | What you see is what you get, difficult to change |
| Waiting Time | 1-2 years or more | Almost no waiting |
| Risk | Risk of developer delays or issues | Lower risk, the property is already built |
We ended up choosing an off-plan property that was nearing completion, which felt like a good compromise. We got a slight price advantage without an excessively long wait.
And here’s the most important piece of advice: always hire a reliable, independent lawyer! Don’t try to save a few thousand euros by using the developer’s recommended lawyer. Our lawyer found several ambiguous clauses in the contract that were unfavorable to us and helped us negotiate changes. It was money well spent, as it helps you avoid potentially huge risks that could arise in the future, such as issues with Valencia property purchase tax rates. We hope our experience helps, and we wish everyone the best in finding their dream home in Valencia!
