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Monday, October 16th, 2017

When is the perfect time to buy a property to renovate

Adding value to a property left to someone in a legacy has a sentimental touch, but being prepared to renovate it, will generate profitability within the real estate marketHydraulic flooring in the centre of Valencia

The renovation craze seems to have started on the television and, consequently, this lead to it being part of everyday life. Quite a few people purchase a property as an investment, but not just for rental purposes, or to sell the property at a later date for a profit, but to design a house according to your personal taste. It is a difficult task to renovate a property, but it offers a reward for those who are willing to take on the challenge. In addition to owning properties with a very attractive price, it is possible to fully customise the property, then put it back on the market in a better state than it was, provided that criteria, such as the amount invested, is taken into account, as well as who and what is the main usage of the property, and that is it refurbished accordingly.

The obvious question is “when is it the perfect time to renovate a property?” When the sale price is lower than other houses in the same location, seems like a good investment, however, there are restrictions. It is necessary to investigate the areas, as paying a low price in a high standard neighborhood is counterproductive, whereas expensive properties in cheap areas do not produce profitability. The conservation status is also very important. It is advisable to hire a home inspector who is responsible for assessing all structural aspects, even though the appearance of the home has already lured us in. Ultimately, resorting to a valuation will give us a real insight into what the property is  worth.

Historial estate in Rocafort

Do not try to renovate a property without an expert’s advice. A good restoration can increase the value of a property, even doubling it, while offering the investor a profit between 15% and 20%. However, a bad renovation can end in bankruptcy. It is best to avoid a botched job, because structural problems can block the house on the market. The eccentricities (everyone has theirs), but they should  be moderated, because even though the house has been brought to live in, it is likely that there will be more owners in the future. Therefore, it is advisable to follow market trends. It is not a matter of giving up the floor tiling that you desire or how much you want to make your bedroom your retreat, it is about softening the colours of the wallpaper or the carpet, adapting the house to fit the needs of the market and future owners, as many people prefer a modern kitchen or a nice interior layout in the lounge, for example.

There are people who want to live in a house that buy it for renovation, but the truth is that an antique house, with a sufficient amount of work put into it, can yield a great rental or sale profit. When the time comes to sell, you need to be realistic. If all you have done is given the house a face lift, you cannot expect a high price, this will vary however, if you have completely renovated the property. It is important to be flexible Perhaps you have imagined an ambitious future, but the present could be quite different, which is why you have to act in a wise manner. Be that as it may, adding value by renovating a property left to someone in a legacy always has a sentimental touch.

Rustic house in Jávea

 

 

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