Spain was home to one of the greatest real estate bubbles in the history of the world. Over a twelve year period (1995-2007), prices rose by a staggering 201 percent. Encouraged by the sudden rise, construction companies churned out new homes as quickly as they possibly could. But when the bubble finally burst in late 2007, they were stuck holding the bag.
How bad was it? A full third of the homes that were built from 2001-2007 were vacant in 2008. Fortunately, buying has picked up a bit as international investors test the waters. But few buyers are looking for luxury homes. What they want are low risk deals. After all, many of them lost a fortune in the last housing crash. In this article we are going to discuss great investment opportunities.
Why buy a fixer-upper? One popular misconception is that many old homes need a lot of work. Well, the fact is that most of them require only simple, small repairs. Often, this is the result of an elderly owner who simply did not have the energy to complete these repairs in his declining years. But with attractive mortgages in Spain , investors can save a bundle if they do the work on their own.
Where to begin? As we mentioned, start with a few small projects instead of blowing your entire budget on a room or two. Really, you would be surprised what a little paint and wallpaper can do. Also, replace all of the light fixtures, curtain rods, door knobs, and light switch plates. This will make each room shine a bit brighter.
Another great way to add warmth and charm and to save some money in the process is to install ceiling fans. Ceiling fans tend to open rooms up a bit and they are an affordable alternative to air conditioners or central air systems.
