When you are buying an apartment or house in Valencia you can often be surprised by the disparity of prices of properties that a priori seem very similar. You may find that two comparable properties in size, attributes and area have a huge difference in price when looking online because you cannot see obvious and subtle differences. So today we are going to point out the most important features that influence the price asked for certain properties and we are going to concentrate on apartments. We also point out the difference in price that each aspect might make to the final asking price. (Click on the pictures to see the properties)
If you are looking at two first floor flats that are similar then having a lift doesn’t make that much difference, maybe 5-10%. If you are looking at two fifth floor apartments then having a lift may double the price asked. The best bargains have space for a lift and the community is actively looking at putting one in because a lift costs roughly 60k to put in and if there are ten flats in a building then the cost is roughly 6k per apartment. Buy a flat without a lift, get one put in and then sell is the best way of flipping a property. This property hasn’t currently got a lift but is only third floor and is pretty impressive and now 30k cheaper
If you have a view of antelopes sweeping majestically across the Serengeti then you are not in Valencia. However a view of a park, the riverbed, the sea, the City of Arts and Sciences, a church or cathedral, the Botanical Gardens or many other good looking things in Valencia can make a huge difference to the price of an apartment compared with the view of a blank wall or ugly apartment building opposite. In fact living in an ugly apartment with a view of a really great facade opposite can mean the asking price of the ugly flat is raised. Views can account for anything from 5-25% upside on an apartment price.
Generally speaking, the higher you are the more light there is in the apartment, especially in the old town where the streets are narrow. However bear in mind that if the building doesn’t have a lift then the higher you go the cheaper the price. You will often see the words “Muy Luminoso” in the description of a flat “Very light”. This usually means it isn’t and they are trying to get you to visit even though the flat is an interior one. An apartment that truly does have lots of light might add 10% onto the value compared with a similar apartment that is a bit dark.
This can often be allied to views because the best areas are usually have better views, they are more established or more modern and they have been specifically designed to take advantage of the local environment and surroundings. However location is the biggest factor in the differences in price between similar sized apartment. There are areas of Valencia that are 3 or 4 times more expensive per square metre than others. Take a look at this place in a great area as an example.
An apartment with its own terrace is a bit like gold-dust, they are rare, usually only first floor or penthouse and they command a premium price. We must also distinguish between a terrace and a balcony too. A fully blown terrace, even if only 7-8m2 can make a huge difference to price asked for a property. The larger the terrace the higher the premium too although sometimes a terrace can be too big, larger than the actual flat for example in many previous porters’ lodges. A good sized terrace can add 20-40% onto the value compared with a similar flat.
Obviously if you have an individual pool then the price will have a premium but community pools in the complex make a difference to price too, even if the truth is they are rarely used by most people in a new complex. Expect a 15-20% premium for places with community pools and up to 30% premium if your flat has its own pool, very very rare indeed.
Communities may also have gyms, squash courts, padel courts, saunas, childrens’ playgrounds and social clubs. You should expect an extra 10-15% on asking price and also extra costs of the community fee per month if this is the case.
If the place is presented as a show house and recently modernised with style then expect to pay more than if the place is an absolute tip and hasn’t been modernised since it was built in the 50s. The difference in price can be 100% at times. If there are areas of damp showing, peeling paint or even, heaven forbid, peeling wallpaper, kitchens that look like something from a post nuclear war wasteland and bathrooms you fear entering then the price goes down in stages as the buyer imagines all sorts of costs coming up to repair it.
When a place is modernised it may still not tick all of the boxes for a buyer. The design may be terrible with bathrooms off kitchens or the living room, bedrooms that are too small as they have tried to fit three where two is more logical or worse. The use of space in older flats is often questionable with long halls and many small bedrooms where the larger Spanish families lived. These days people tend to prefer open spaces and fewer rooms but larger.
Recently we looked at a place which had the bathroom off the living room and nowhere near the bedrooms necessitating walking in a towel through the living room or even saying “I’d give it a few minutes!” after using the loo. If a place is well designed and has “flow”, then it will make a difference of around 20% compared with a badly designed place. It will also sell. Some places won’t sell however low the price if the design is bad. Great design sells, take a look here.
The words “reformado y listo para entrar” (Modernised and ready to move in) strike fear into the heart of any agent when going to see a place for the first time. The use of the term modernised can mean anything from a month ago to somewhere in the 1980’s and ready to move in can range from “ok if you are a total pig” to “wow!” (It’s rarely wow) We prefer “toothbrush ready” meaning furnished, kitted out and sparkling new. That’s how it should be. Modernised places if modernised well can make a difference of up to 100% compared with older places as stated above but the difference between a good modernisation and a bad one can be up to 50% too.
How much does the seller need to sell? If they are in urgent need of a sale then the difference in sale price compared with somebody who “No tiene prisa” (Not in a hurry) can be up to 40%. Obviously the greater the necessity the better the deal (See our post here about the Apocalypse). And in the end some owners of properties are just pure crazy. I visited a place last week where the owners surprised me by asking for 300k, (This was actually in a parallel universe of pricing, it was worth about 130k). I walked away of course.
There you go, a simple explanation of what can happen to prices depending on what the property offers. Click on the images to see the properties and of course, get in touch if you want to see any of these properties or others or want to chat about what you are looking for.
We look forward to seeing you in Valencia very soon and helping you to find your particular home here.