Buying the Finished Product or the Project?

People looking to buy Valencia Property have a few choices, buy land and build, buy something that needs some work or buy the perfect package that is ready to move in. Projects range from a new kitchen and bathroom up to a total rehabilitation, there’s also plenty of scope for things that are a sort of halfway house between those two extremes.

We have looked into the buyers of Valencia Property over the last few years and can now reveal what people like you are buying and doing.


Terminology

You can buy a property in various ways in Spain just like you can anywhere. Projects can come in many different shapes and sizes and what your input into a project can be may vary from almost nothing apart from putting the money down to carry it out all the way to being a hands on part of the modernisation.

Let’s start with a few key terms you are likely to see while looking:

Off-plan properties, as the name suggests, you generally buy from an idea on a webpage, piece of paper or more likely a glossy brochure or great looking PDF. Don’t expect that render to look anything like the finished product but the plan of the rooms may approximate to what the finished product looks like. You may be able to change a few things such as division of rooms or taking out walls for example but your agency for doing much is usually negligible as the builder is working from an approved blueprint.

Properties under construction have already been started. Sometimes they may have been abandoned by the previous developer and sometimes it is because the developer started building before selling all of the units off plan, maybe at a point where 70% of the units were sold. You often buy properties in construction when it is impossible to make any changes apart from maybe choosing the finishings such as bathrooms and kitchen.

Properties “Para Reformar”. An already built and established property that requires upgrading, often an older property that hasn’t been modernised for many years and would benefit from some work. That work may encompass the whole caboodle of having to rewire, replumb, redistribute the rooms and definitely changing that avocado bathroom and squalid kitchen or it may be just something that is easier to do and can even be done yourself. Take a look at our article here about how we can help you with your modernisation and here about how much your modernisation may cost you.

Properties “Para Entrar a Vivir”. The concept of a ready to move into property may well be different between the owner and a normal sane person ;-). Usually “Entrar a vivir” (Ready to move into) means that the person who wrote the description doesn’t think you need to do any work to move in. Whether you or I agree or not is neither here nor there but you may still have to do some work in these properties as it may have popcorn walls you will eventually hate, see more about “Gotele” and other weird things here.

Properties “A Estrenar”. The unveiling of a property after a modernisation or when the builder has just finished is “A estrenar”. You will rarely have to do anything to one of these properties as you will have walked in and liked it if you are buying it. There are plenty of places sold “a estrenar” and the only thing we would caution you with here are the three things to look out for, cheap reforms, competing tastes and the fact that the place has never been used so the problems that may come up are not evident yet.

What People Like You Are Buying

When we look at our sales over the past few years we find out that the majority of them fall into two of these categories, most are “para reformar” 46% of all sales fall into this category, and quite a lot are “para entrar a vivir“, another 27% however our interpretation of that phrase mostly differs wildly from the seller’s interpretation.

Most properties require some work to update them or fall into the category of not being to the taste of the buyer. Even if the kitchen is brand new or hardly ever used it may not be to the taste of the buyer and often this is the first thing that gets changed when moving into an apartment or house along with that bright orange bathroom that might look good on a photo but could you really live with it long term?.

We do get people buying places “A Estrenar“, around 15% of all sales in the last few years, when the work has been finished and oftentimes there is no conflict between the tastes of the person who has done the modernisation and the buyer because the kitchen and bathrooms will be pretty standard with acceptable colour schemes. As I said above, clashes in taste can be resolved but usually “a estrenar” properties are pretty neutral in colour schemes and materials chosen. .

We hardly ever sell off plan, a mere 3% of sales, because of the type of client we get. Our clients are looking to move to Valencia now or in very short order and off plan requires a plan from two years or more out and to pay stage payments during that time without physically having anything to show for it or being able to use what they have bought.

Equally we hardly ever sell properties under construction, just 9%, as the job of getting a building company to finish off a property or to work with the current builder if that is still happening, to go through the process of renewing licences or to just get on and finish off a project is not what our clients tend to want as their first thing to do in Spain.

Recommendations

Obviously as we deal mainly in properties that require a bit of work we are able to recommend builders, other tradesmen and designers to make the most of your purchase and bring to life what you want to do in a property.

Nevertheless, we would not say 100% do not buy off plan but for the majority of people looking to buy in Valencia you really don’t need to buy somebody else’s project. It’s much better to do your own project in an established property for example as currently standing properties more often than not have bigger and better situated plots, are in better locations and do not have unknown issues that can come up during the build process.

A Estrenar” properties are a good option especially for those people looking to rent out their purchase immediately or if you are looking for a low maintenance move in. They often come furnished too so you don’t have the headache of the obligatory IKEA visit and the jigsaw that follows it.

Golden Visa Property of the Week

This week we are looking at having the best of both worlds, a house in the countryside and an apartment in the city. Remember that to get the Golden Visa you need to invest a total of over 500k in the deed price but you can combine one or more properties to achieve this. Therefore today a simple two property combo, Ruzafa in the city for your apartment and Naquera outside for the wonderful Valencian countryside.

Sought After Ruzafa Apartment With Terrace

An apartment right in the heart of Ruzafa. If you know Ruzafa then you won’t need me to explain this but in case you don’t it’s one of the most desirable areas of the city to live in. Its a few minutes walk from the city centre, it seems to have hundreds of restaurants and bars, and next year the new Ruzafa metro stop will open making it even easier to get to the beach and the airport from here.

This apartment is on one of the quieter streets, on the first floor. And we all know what first floor means, don’t we? – TERRACE! Yes, there is a lovely terrace out the back here, plenty of room for a table and a few chairs. The awning is a good choice too, giving shade from the sun, and protection from falling clothes pegs from the neighbours washing lines above.

2 bedrooms, nicely decorated, and the option to purchase a garage space too (total including garage €275,000), very useful given that one big problem in the area is that street parking is very hard to come by. No point moving to Spain only to spend half your time doing laps of the block searching for a gap in the parked cars.

Great location in one of the most sought-after areas of Valencia with a couple of the most sought-after features – parking and a terrace! So get seeking after and come see it.


Lovely Naquera Home

This excellent villa is less than a kilometre from Naquera town, (30mins from Valencia city and 15mins from the beach, international schools very close by), and in fact from the front terrace you have views of the city and the sea.

When you see photos of a house its always worth having a look to see if the house has been lived in or was just a holiday home. This place has lots of kids stuff around, there’s a packed games room downstairs, the pool is spotless, so clearly this is a home that has been lived in. Ok, you have to put up with a few marks on the wall in the kids rooms from the football posters, but in return it usually means that the place has been looked after and not neglected.

The indoor living space looks great, modern bathroom, living room and kitchen furniture and equipment. There are 4 bedrooms, or 3 and a home office. In fact there is a secondary building with its own bathroom, which would be perfect as a home office if you don’t want to be disturbed, or indeed as a guesthouse.

Outside there is a big pool, a garden area with trees, lots of space for a vegetable patch, a covered terrace, a garage, a barbecue area and even a small football pitch for the kids with artificial grass.

More than just a holiday villa, this is a fantastic home, well located for great family living.

And if you liked this…

Just click on the images below to read more and take a look at properties in and around Valencia.