Q: How long will it take to build my Designer Villa?
A: Construction will be completed within a maximum of 12 months.
Thereafter, in cases of force majeure, €1,000 per month penalty will be payable for any delays beyond this time.
Q: Who owns the Title Deeds?
A: The land is purchased by and signed over to the clients before construction commences.
This means that title to the land, building project and licence are in the clients name and therefore legally belongs to the client.
Q: What guarantees are there?
A: There is a legally-backed 10 Year Build Guarantee.
Every property is backed by a 10 year private build guarantee against structural defect called “Seguro Decenal”.
Q: When are payments due?
A: Following the payment for transfer of the land to the buyers name, there is no further payment until the appointed architect for the construction project supplies certified documentation, at each stage of the build, to the client’s lawyer.
There are no advance payments for the construction.
On completion of each stage, remaining payments are as follows:
- foundations completed/inspected = 10%
- on completion of first walling = 20%
- on completion of roof = 30%
- plastering completed = 30%
- construction project fully completed = 10%
Q: What if I need finance?
A: Subject to status, once the land has been paid for and transferred to the clients name, the bank will finance the construction project and pay the builder in stage payments on presentation of the architects certificates. For mortgage calculation purposes, construction costs represent approximately 60% of the total purchase price.
Q: How much Rental Income could I expect?
Typically, a luxury, detached villa with 3 double bedrooms and a private pool would return between €9,000 & €11,000 net of management fees under a guaranteed basis over the summer season.