RENOVATIONS TO INCREASE THE VALUE OF A PROPERTY IN MALLORCA

 

Investing in real estate is one of the safest investments on the Spanish market today. To ensure that your property does not lose value, it is necessary to keep it in good condition and maintain it. The valuation of a house depends on various factors, such as the location, the address, the m2 of land available, the expansion permitslicenses or lack thereof, the condition of the building, demand and supply in the region, etc. .

Some factors that we cannot change, such as the location or the legislation, which is very strict on the island of Mallorca in terms of new construction, make it impossible to increase the m2 of the property and thus, in some cases, increase the value of the property. However, some reforms or improvements can be made that will increase the value and benefit of the initial investment when selling your property by around 10 to 15%, which we will discuss below.

To increase the value, it is usually necessary to increase the energy and space efficiency of the house. We will start with general work that requires more work and a larger investment:

• Underfloor heating: offers residents a very pleasant air and floor temperature. It can be installed in all rooms or only in the most frequented areas. Underfloor heating is an expensive installation that has been restored over the years as this type of heating is 15 to 20% more efficient than conventional heating. If the air is not dried as with conventional heating, underfloor heating is considered healthier.

 

• Light is a problem that has afflicted all typical Mallorcan country houses, as in the past small windows and doors served as thermal insulation, preventing the house from heating up in summer and cooling down in winter. Nowadays, this thermal insulation is no longer necessary, as high-quality materials provide you with very efficient thermal insulation. It is therefore recommended to install double-glazed doors and windows, as these provide plenty of light and very efficient thermal and acoustic insulation, and the large glass partitions also provide plenty of natural light for the house.
• With technological progress every time Technological elements be implemented in the home, be it for heating, cleaning or simply switching on the light in your room with your voice … These are details that should be present in all luxury properties throughout the year 2020 to be attractive to the buyer.
• Fitted wardrobes
• With regard to solar collectors it is valued as an additional power source to the current electricity grid. They give us the opportunity to store and use our own “green” energy as it comes from an inexhaustible resource such as the sun, which should be a way to preserve our planet. Furthermore, as society progresses towards a sustainable future, more and more buyers are looking for environmentally sustainable properties. Solar panels for sanitary water can be used to heat sanitary water or to feed underfloor heating. In particular, the installation of solar panels as an additional source of electricity or as a water heater significantly increases the value of the property.

 

We will continue with two price ranges, namely the kitchen and the bathroom.

• The kitchen is usually one of the most used areas in all homes, so it is the part of the house that deteriorates the most. For this reason, reforming or renovating the kitchen, such as changing furniture, tiles, sinks or appliances, makes the house much more visually attractive and, above all, more energy efficient (modern appliances significantly reduce water and electricity consumption).
• For the bathrooms space is usually the limiting factor and we try to make the most of it. To increase the use of the available space, the trend is to replace the bathtub with a shower tray. This proves to be just as practical, but with a very low water consumption and offers us more space in our bathroom. On the other hand, tiles, tiles, tiles, sinks and taps can be changed, which, although it does not significantly improve efficiency, makes the bathroom much more attractive to the buyer’s eye and significantly increases the value of the bathroom property.

With regard to the external reforms, the reforms that we are carrying out in our garden, I would like to emphasize the occasional improvement:

• Obviously, the first point cannot be other than the desired poolwhere you can cool off on a hot summer’s day.Of course, it is an important investment thatrecovers by far when it comes to selling the house and achieving a return of around 40% of the value of the investment. However, it is not necessary to sell the property sell to recoup the investment in the pool. Vacation or long-term rental can be an optimal option. The difference between two identical properties, except that one has a swimming pool and the other does not, the difference in monthly price can vary between 200 and 400 euros.
• Security is a very important aspect to consider, especially for luxury properties. Therefore, the separation of your space from that of others is taken into account. For this reason, a reform of the walls, for example a dry stone wall to delimit the property, increases the value of the property, although it is quite an expensive reform. Installing an alarm system provides additional security when buying a property. Privacy is one of the features most demanded by luxury property buyers, which is why the area is usually visually isolated by either a fence, a conventional wall or a natural wall.
• The grass meadow is one of the most valuable attractions abroad. Planting the lawn is a long and expensive task, but it does not end there, as weeks of maintenance and daily watering (depending on the area) are required, which incurs additional costs.
• Decorative or fruit plants can add value to the property as it takes time and labor to grow plants and trees.
• Before selling a property, it is recommended that the roof to check and repair. On the other hand, we need to check and eliminate the most humid areas of the property and repair the areas affected by moisture. As humidity affects human health, it is very important that the problem is addressed before any sale.
• Another important point is the availability of the tourist license. With the ETV the property can be sold as an investment project, meaning that the value of the property can increase by around 20-30% in this case.

Your own drinking water well is another point to consider when valuing the property. The presence of Terracesto hang out with friends, have a creative morning coffee or barbecue, offers additional comfort that buyers are willing to pay for.