Is it Worth Investing in Resale Property of Altea?

With a rich Mediterranean coastline, the Costa Blanca region has many activities attracting locals and tourists alike from all over the world. It offers more than just yearly sunshine, such as beautiful beaches, lively nightlife, and several nautical activities.

Here, we will talk about investing in property for renovation in Altea, explaining whether it is a valuable decision. In order to get a bit closer to Costa Blanca real estate market, below we will provide thorough information on why buy renovated Spanish properties. So, let’s get started!

ABOUT ALTEA REGION

Altea is a magnificent region, presenting a perfect combination of modernism and traditionalism. The coastline offers pleasing walks along the seafront where you will explore cafes and restaurants all over. It is populated with whitewashed houses, further accentuates the beauty of the fishing village, and is considered the best-preserved city on the Valencian coast. The place attracts many locals and tourists to invest in properties closer to the magnificent seafront and basic amenities.

WHAT’S THE PRESENT SITUATION OF THE REAL ESTATE MARKET IN ALTEA?

Whether you’re planning to purchase a home for retirement, a family second home, or acquisition for rental purposes, the investment in Altea can be a viable choice because prices per sq. m will remain fascinating. Its natural historical and modern landscapes are attracting investors from all over the world and even Spain itself. The best part is Altea is closer to Benidorm and Alicante, accessible via road and motorway network.

Altea property market offers a diversified choice with many old dwellings that can be upgraded to perfectly meet the needs of future investors.

INVESTING IN RESALE PROPERTY?

Nowadays, more foreign buyers are on the lookout for resale properties in Altea for a holiday or rental purposes. Whatever the reason, most of the time, these properties require renovation work. There is a remarkable economic advantage of buying a resale, such as improving energy performance, interesting capital gain, and affordable housing.

Renovation allows a buyer to modify the property depending on their needs, desires, and taste preferences. The property can be personalised so that owner feels like being at home. It allows you to combine a modern way of living while keeping the old charm alive by creating spaces generally found in new buildings such as an open kitchen.

The renovation of property can also increase the possibility of rental purposes. Lastly, old housing predominates on the property market and gives prime locations in the centre of the city or on the waterfront.

COST FOR RENOVATION – 100 SQ. M APARTMENT IN ALTEA

In Altea, a 100 m2 apartment i.e., 3-bedroom space could take an average renovation cost of 110 000€ at the time of purchase. After renovation and upgrade, the value of the same property will get double and reach a good selling price.

The average budget for renovation varies depending on several factors, such as the area to be renovated, materials used, and parts to be rehabilitated. Additionally, you should also consider the average duration of renovation work.

Carrying out property investment can be challenging, especially for new investors. Our professional team of real estate agents at Hamiltons of London is experienced in site renovation and the Spanish property market, making your procedure straightforward and hassle-free. Feel free to get in touch with us for further assistance.