Dozens of renovation houses and already renovated properties enter the Lisbon real estate market every day. Do you know what the advantages of buying a fully renovated property are? And do you know the advantages of buying a property that requires renovation? Come and find out.
One of the markets that is currently on the rise in the Lisbon region is the renovation of real estate for own use or to sell. At a time of increasing demand and insufficient supply, the urban rehabilitation of old buildings has generated a lot of interest from investors, either to sell later, to rent or for people looking for accommodation options in this region.
Being one of the main real estate markets in the Portuguese capital, urban renewal in Lisbon has been changing the way people look at housing and how they make their choices when buying a property.
Buying an already rehabilitated property or a renovation property may be one of your best options when buying a home. But what are the benefits of each of these options? And which one suits you best? These are the questions we want to answer today.
What are the advantages of buying a fully renovated property?
Lisbon's urban regeneration means that it is increasingly becoming possible to find rehabilitated, ready-to-move-in properties on the market that add a wide range of advantages to buyers.
It is worth noting the exterior parts of the properties, which are usually old and beautiful and in privileged locations, are often in the most central areas of the city. In addition, many of these houses are completely renovated inside, with only their original features fully preserved.
Modern and tailored to the needs of the buyer, these homes often have completely new plumbing and electrical wiring, making them excellent options for those who want to find a home in Lisbon, in a good location, and without having to go through the whole process of renovating the property.
This is a good option for those looking for an immediate home for rent or to rent out to tourists or the locals.
What are the advantages of buying a property to rehabilitate?
Buying a property to rehabilitate can have numerous advantages for the investor. In addition to being able to buy the property in prime areas of the city and for more affordable prices, the investor will also have access to various general and municipal benefits, which contribute greatly to ensure financial advantages.
Among the main national incentives include exemptions from paying the Municipal Property Tax (IMI) for 5 years and the Municipal Property Transfer Tax (IMT) on the first transfer of the property, if it is intended for own use.
There are also national benefits with respect to the payment of IRS and tax on property income; as well as a possible reduction in VAT rates on rehabilitation, refurbishment or conservation works in urban areas.
In the case of the city of Lisbon, in addition to these benefits, the incentives of the city's rehabilitation programme, including RE9.
When you decide to rehabilitate a property you also have the advantage of being able to adapt the space to your preferences, tastes and needs, choosing the finishes you like best and arranging the rooms according to your personal needs.
If you are looking for the right property, among the many rehabilitated properties and the ones that need renovation in the Lisbon region, be sure to seek the advice of those who know the sector best and the Portuguese capital market. With a unique international positioning, a continuous commitment to professionalism and a concern to provide the best personalised services to its clients, Engel & Völkers is the best agency you can have by your side when looking for the ideal property.
Trust the expertise of these professionals and make sure you explore the best options available on the market, whether it's rehabilitated homes or renovation projects. There is no-one better than Engel & Völkers to give you all the information you need to ensure you make the best possible choice.