Whether for a primary residence, holiday home or short-term rental, a renovated apartment in the Algarve is always an excellent investment opportunity. Discover why!
What is meant by a rehabilitated apartment?
A rehabilitated apartment is a property that has undergone renovation and restoration works, resulting in a more modern and improved structural, aesthetic and functional condition to meet the demanding standards of potential buyers.
Indeed, with so many new apartments for sale in the Algarve, why would you consider buying a rehabilitated property? For several reasons…
1. A rehabilitated apartment is ready to move in
First and foremost, a rehabilitated apartment in the Algarve or any other area of the country is ready to move into, just like a brand-new home.
2. A rehabilitated apartment frees you from construction worries
Unlike a used property, a rehabilitated apartment has already undergone renovation works, which means you won't have to worry about repairs and improvements for many years to come.
3. A rehabilitated apartment has history and character
Indeed, it's a chance to live or vacation in an old building with a traditional façade and contemporary design. Typically, rehabilitated properties in the Algarve preserve original architectural elements in the ceiling, cornices, and floors, for instance, along with decorative details that can lend the apartment a unique and distinct character.
4. A rehabilitated apartment offers all functionalities and amenities
Similar to a modern apartment, a rehabilitated one may feature smart home technology, excellent energy efficiency, climate control, updated plumbing and electrical systems, not to mention fully remodeled kitchens and bathrooms. It might also include additional amenities like an ensuite bathroom, a terrace with a sauna, or even a rooftop swimming pool, for instance.
5. A rehabilitated apartment is more sustainable
Indeed, in most rehabilitation projects, there's a growing concern for energy efficiency, with proper thermal insulation, installation of double-glazed windows, water-saving faucets, and more efficient heating and air conditioning systems. This is beneficial for the environment as well as for saving on electricity bills!
6. A rehabilitated apartment often boasts an excellent location
Rehabilitated apartments in the Algarve are usually situated in central areas, close to all the necessary services and shops, as well as the best beaches. This ensures you an excellent investment option whether you're looking for a home to live in, for vacation or for rental purposes.
7. A rehabilitated apartment has the potential to increase in value
Without a doubt, in most cases, rehabilitated apartments in the Algarve are more affordable than brand-new ones in the same area. This not only allows for a lower initial investment for buyers, but also leads to an increase in the property's value over time, resulting in long-term financial gain and advantage.
While the list of advantages is extensive, it's important to note that there isn't a standard quality when it comes to property rehabilitation. Therefore, certain points that we've listed as positive aspects may not always apply:
1. Maintenance
Regardless of the quality of the rehabilitation work, you might find the need for more frequent maintenance on older elements of the property.
2. Limited layout
Rehabilitated apartments may have less flexible layouts compared to new apartments. In some areas, historical buildings might even be subject to architectural and preservation restrictions, which can limit the possibilities for modifying the property.
3. Technology
Rehabilitated properties might not include the modern amenities and technological innovations that new apartments in the Algarve offer.
4. Insulation
Some older buildings, even if fully remodeled, might not provide the same level of acoustic and thermal insulation as new buildings, leading to potential exposure to temperature fluctuations and external noises.
If you're certain about buying a rehabilitated apartment in the Algarve or any other region in the country, there are several important factors to evaluate before signing the promise of purchase and sale contract. Assess the reputation of the constructor responsible for the rehabilitation, the quality of the work carried out, and the property documentation, among other relevant factors to ensure a good deal. To avoid headaches, it's particularly important to verify if there are no mortgages or debts related to the property.
Regarding the rehabilitation work, if you're not an expert in the field, consider hiring a property inspector to conduct a comprehensive and impartial technical assessment. This assessment aims to diagnose all kinds of issues, deficiencies, and anomalies related to the property: electrical and plumbing systems, structure, and other crucial aspects.
Lastly, seek out a prestigious real estate agency that can assist you in finding (and purchasing) a quality rehabilitated property. Rely on their experience and knowledge of the real estate market. If the apartment you're eyeing isn't the most advisable investment option, don't worry – a real estate agent can present you with other alternatives based on your available budget, preferences and specific needs.
Now, you're well-prepared to make an informed decision! Truly interested in purchasing a rehabilitated apartment in the Algarve? Contact Engel & Völkers Portimão. If you prefer buying a brand-new ready-to-move-in home or a property in need of renovation, which you can oversee from start to finish, feel free to get in touch with us as well!