Maximising Your Spanish Property’s Potential
Investing in a Spanish holiday home is a great way to boost your property portfolio. Whether it’s for you and your family to enjoy or purely for generating income from holiday lets or a mixture of both, it’s important to protect your interests, as with any property purchase.
Buying a property that needs some degree of renovating can help you to preserve and maximise your investment, particularly when transforming a property in need of simple decorative or minor structural work.
People have been buying property around Marbella for many years and it’s one of the top destinations in Europe. Since the pandemic, interest has risen as it provides a great opportunity for investment properties and luxury holiday homes.
With a thriving market and a truly global demand, let’s look at why a Spanish home with room for improvement makes for a sound investment.
Buying at the right price
Buying a great property that is a little dated but situated on a good plot in a great area is a good idea as you can add in contemporary and luxurious touches to boost the property’s value with relatively low capital outlay. A structurally sound property is a smart investment if you aim to rent it out as it will only require minor changes.
Location is one of the most important aspects but what your intentions are for the holiday home can dictate where you buy. Will you be buying the property to let to holiday makers or will it be the holiday home of your dreams? If you are buying it for your family as a luxury retreat, you may be more likely to consider a property that requires more structural work as it represents better value and you can personalise the property around your own family’s requirements.
Naturally, the better the location the more potential it has for resale value and higher rents but if you intend on using it as your own holiday home then you can choose a less competitive setting if you’re looking to maximise the amount of property you can buy for your budget. Avoiding the most popular places represent the best value in a renovation property but you must temper that decision with desirability. If you intend on using this home as a vacation property then you don’t want to be isolated from the beaches and restaurants, bars and shops.
A secure investment
Choosing a place to renovate, just like most house purchases, comes down to location. For example, Marbella is known as a safe investing area due to the very high level of luxury properties available. This global level of desirability makes it more robust against economic factors than other regions in Spain, making it a great place to invest.
You may wish to buy an older style property that simply needs a cosmetic upgrade, such as a new kitchen, or more open plan living area. A few touch ups here and there can make all the difference to the aesthetics and resale or to let value.
Simple but luxurious upgrades on these investments include installing a more contemporary floor, underfloor heating or swapping traditional white balustrading for glass fencing. Throughout the property you may wish to install larger windows to allow natural light to flood in and make it feel more open and modern.
Renovating your existing home
If you already own or recently bought a Spanish property and you wish to make changes, then it’s important to find the right people to help. You may need to team up with an architect to bring your plans to life, and to present to the relevant Town Hall for sign off on them before work begins.
A reputable builder or construction company is another essential, but they can be tricky to find, especially when teaming them up with a plumber and electrician. When you find people who can do the work needed for your renovations it’s important to check their credentials to ensure they are registered either as a company or as self-employed. You may be asked to pay some money upfront to cover building materials but never pay the full amount until the work is completed.
Working with a local expert, such as Promas Estates, helps you to navigate this tricky planning stage. We can help you find locations based on your needs, from popular exclusive destinations like Hacienda Las Chapas and The Golden Mile to residential hotspots like Benahavis.
Looking for a property in Marbella?
Here at Promas Estates, we specialise in finding the perfect luxury Spanish home for you. Whether you are looking for a new place to call home, an investment property or a holiday retreat, we are here to help.
From amazing villas and beachfront apartments to townhouses, country fincas and new developments, we will help you discover the property of your dreams.
Get in touch with a member of our expert team for professional guidance or to enquire about any property available on our website.