More and more overseas investors are approaching us looking for advice on how to buy for letting in Valencia and obviously to find the best performing property investments.
When viewing a flat in Valencia for investment purposes, it is very important to have experience about how the property would perform or not:
1.-) Do not think that having a property in a building with a lift is a must. You would be surprised by the high demand that properties on a 4th and 5th floor generate, and how good the rental yield is!
2.-) Check if in the staircase, even if there is not a lift, there is potentially space to fit one in the near future.
3.-) If you are planning to do “touristic rental”, keep in mind that restrictions in Valencia are high. Nevertheless, contact a property management service in order to find out the various options that you may have to rent a property, without having to be stuck to a long 3-year rental agreement with tenants.
4.-) Do not rule out properties that are not in a “prime location”. Location-location-location should rely on transport links, services and amenities. But it doesn’t mean city centre or prime area. The outskirts of the city is a good investment to buy for letting!
5.-)Every flat, when bought, needs an improvement… something to be done. A coat of paint plus change a kitchen or bathroom. Do not try to save as much as possible. Just refurbish and improve the apartment wisely.
6.-) Never accept an estimate to paint a whole flat of an average of 80sqm flat for more than €1.1k … that is too expensive.
7.-) Get a proper management company to run the investment for you. Specially to find the tenants. It is a hard job to filter potential tenants, doing the viewings and after the paperwork. Also, you need to file rental income in Spain… The right service would do that for you.