Dear friends
As any seasoned Real Estate investor will tell you, the worse a property looks when it’s marketed the more chances it will end up being a good deal. Some investors only look for properties in a bad shape and their aim is to refurbish them and transform them into a place where everybody wants to live in. How do they do it? And is it a good strategy?
At Artemis Assets we believe that buying a property that needs a refurbishment is a great strategy. It leads to superior returns and contrary to popular belief it does not have to be costly. In fact, through experience we have concluded that low-cost interventions which are focused on key areas can upgrade a property and make it sexy in the eyes of potential tenants and buyers.
Let’s see in detail which are these key areas and how you can make an impact with a low budget:
- Kitchen – we have observed that it’s one of the first areas that tenants and buyers will check, especially after the Covid pandemic. Because of its frequent use and the prevalence of appliances it can quickly age. A paint job, a new oven, and a new sink/kitchen top will make a difference with less than €3K.
- Bathroom – another area of focus and it’s easy to understand why. Tenants will always value a stylish and modern bathroom as it’s perceived as “clean and tidy”. A new mirror with led lights, a new bathtub, and classy Spanish tiles will go a long way when the property is advertised, with less than €5K.
- Floors – admittedly it’s not the first thing which a tenant or a buyer would look at. However, a well-maintained wooden floor or a polished marble floor will give a warm and cozy feeling immediately. Easily doable for less than €1K.
- Cosy corners – we have included this area especially for short and mid-term rentals. As much as we hate the word “Instagrammable” it describes exactly the effect that we want to produce. A paint job, a couple of moodboards, and a nice sofa will attract a lot more bookings for less than €1K.
We hope that we gave you some ideas for your future purchases. Reach to us with your investment plans, we have the ideas and the people to make them happen.
Until the next one!
