Interested in views regarding investing in extremely low priced townhouse in town centre Ontinyent (Valencia region). Considering buying for a renovation project, selling on to help fund our future plans (small business start up).
Hi Emma, it depends on how much of a renovation project it is. Is it just replacement kitchen/bathroom/decorating, or is it much more than that? If you will be putting in services, or putting in new floors/walls/roof etc, you would be wise to consult a local architect. As with UK, Spain has quite a strict criteria about what you can and cant do with a property. If its just a plaster patching/paint job no problem. Also the location is important, if the house is tucked up an alley with no parking it will be less desirable than something with a view and somewhere to park. Some Spanish towns (also like UK) have their less desirable areas, so its worth staying in the town for a while to get a feel for the place.
Also, it might be extremely low priced for a good reason.
Some segments of the Spanish property market are improving, and I know of people making big profits on renovation projects in places like Barcelona, Madrid and Ibiza. But I would hesitate before taking the plunge in Ontinyent. What’s the town got going for it?
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