Apartments for sale in Torrevieja are cropping up at a faster rate like never before, considering the city is famous for its coastline and Mediterranean climate besides being located in Spain, a leading tourist destination. If you are looking to purchase a building that will generate you considerable income and return on investment, here are things to assess before making a purchase.
You are aiming to own an apartment building located in a desirable neighborhood. Avoid a community marred with lousy reputation no matter how cheap the apartments are. Look for a location where tenants feel comfortable and safe and are ready to pay the stipulated rates. Additionally, consider the population and your target market. You may need to search for apartments near education institutions if you are targeting students.
Size And Number Of Units
It’s necessary to know the number and the size of the units the apartment has. When evaluating the size, be sure to grasp adequate information about the total square footage, the number of baths, number of bedrooms, and kitchen space among other features. Efficiency apartments are best suited for high population areas and college campuses. Families are looking for larger units, and your best bet could be units with at least two bedrooms if the apartment is located in a less populated area.
An apartment with more exterior wood is prone to rotting and other exterior paint issues. Besides, it may have a costly fire insurance policy. Have a building inspector to check for the presence of lead-based paint and asbestos. You may be required to implement some remedies if the materials are present in the building. Check the condition of the plumbing and establish if there is a need for repairs which may account for considerable expenses in the future.
Ensure you obtain the financials of the apartment before making an offer. This is essential to establish the financial outlook of the property. Determine the gross rent collected over the past year or two. You should also know the expenses of the building, including maintenance, insurance, taxes as well as professional services such as legal assistance and management. It’s also crucial to examine the property’s cash flow to get an idea of how much money remains after all expenses are deducted.
The availability of facilities is a crucial driver of interest in potential tenants. Amenities include parking (preferably covered), spa, gym, and washers in the units. Typically, tenants find apartments with various amenities more desirable even though it translates to paying higher rents.
You will come across several options when searching for houses for sale in Torrevieja. Nevertheless, there is a need to determine the potential of the building to hold value for several years. Some of the critical things to consider during the evaluation include location, rental income, expenses, amenities, and construction, among other others outlined above.