By Bart van Linden [email protected]
Bart van Linden is a director of Exclusive Algarve Villas, a local real estate company focused on selling high end properties and investment related real estate throughout Portugal.
In the current climate, most buyers are looking at existing properties to purchase and won’t consider looking at plots, ruins and old renovation properties.
However, there are very lucrative deals out there and great bargains for people who want to build themselves.
Overseas buyers are, a lot of the time, turned off by the unknown and the horror stories they have seen on TV shows.
Reality, however, is something different and building a property is not exactly rocket science.
With a local renowned builder, architect and surveyor/building manager to oversee the works, it mostly is easy work.
We have done a few projects with our clients and all have been pleasantly surprised with the finished result and ease of the building process.
The main advantage is that the client can design his own dream home and fit it out according to one’s wishes (and budget of course).
With few buyers for land, great deals are available. For example we have a buy one get two plots with projects approved in the centre of Carvoeiro for 300,000 Euros. That’s a steal!
If you build the properties and then sell them on, there is a nice profit margin in it. The funny thing is, there are many buyers around the 500,000 to 600,000 Euro mark looking for finished villas near the centre, but there aren’t many on offer.
So, if you would buy plus build, it shouldn’t (even in the current climate) be difficult to find a buyer.
Renovation projects
Another great option, with less time involved, is to buy an old house for renovation.
Again, there are great bargains available as many buyers won’t even look at a project like this.
A massive advantage is that the renovation licence can be obtained in a short time span and most renovation projects just take three to five months.
Clients often just need to renew floors, windows, bathrooms, kitchens and install heating/cooling in the property.
If you are up for a bargain just look at different options. There is money to be made.
Bart van Linden is a director of Exclusive Algarve Villas, a local real estate company focused on selling high end properties and investment related real estate throughout Portugal. He can be contacted on 282 353 019, 912 826 969 or email at [email protected]
