Many people are drawn to a ‘fixer upper’, a rundown property that is in need of major renovation. The term is generally used with luxury properties and there are handsome profits to be made by snapping up a rundown luxury apartment and investing in a revamp. Of course, it would be nice to move into a finished luxury property and in a perfect world, this would be the choice of most. Who could blame them?
Renovating Luxury Property: The Pros & Cons
As we all know, a rundown house or apartment is more difficult to sell, yet some investors are looking for such properties, as they can see a profit margin, providing the asking price is right, of course. Renovating an apartment, for example, is a relatively small project for a builder, while a large house would be a different thing altogether.
- Pros: Not only will the property be much cheaper, renovating gives you the opportunity to design the perfect interior.
- Cons: Getting the property back to its original state is never going to be cheap and you can’t skimp on fixtures and fittings in a luxury property. If you prefer a turnkey solution, there are new luxury apartments for sale in La Cala de Mijas and what’s more, prices are actually affordable.
If you can acquire the property and still afford to renovate, it would make for a profitable project, especially if you intend on living there for a few years. Indeed, many canny investors do very well by renovating luxury properties. The secret lies in the ability to find bargain luxury real estate.
Buying New Property: The Pros & Cons
- Pros: The benefits are many. You move into a brand-new home, what more could you ask for? If you are in a position where you can’t afford UK property, for example, look further afield in countries like Spain and Portugal, where you could buy a brand-new apartment in the sun. A quick clean, and your furniture can be introduced into your new living space and what’s not to like about that?
- Cons: A new building needs time to settle and you will get used to the creaks and groans in the night, as materials cool down and contract slightly.
If a new apartment in the UK is out of your reach, why not venture further afield? Southern Spain is one of the fastest developing regions in Europe and prices are very reasonable when compared to any UK region.
To conclude, the fixer-upper has its merits and you can design the interior the way you want it, whereas investing in a new luxury apartment doesn’t require any work. Think about the many benefits of relocating to a warmer country and when you see the low prices for luxury real estate, it should be enough to convince you to make the move.
Comparing real estate prices is very easy using a search engine like Google and once you see the difference, foreign countries offer a much better deal.