AS a qualified professional in the property industry, I give advice to multinational investors and to owners of commercial and private property throughout Spain and they all ask me the same question: “How do I increase the value of my property?”
With 30 years’ experience under my belt, I would like to share some advice and tips with Euro Weekly News readers in my upcoming articles on how to increase the value of your property by a minimum of 20 per cent.
First let’s take an overview of what’s happening in the property market in Spain today. Some of Spain’s biggest banks such as BBVA, BankInter and the Banco Santander’s Research Departments are now forecasting that the Spanish property crisis should be over this year.
So now you are probably thinking that this is the ideal time to start looking at ways to increase the value of your home, office, restaurant, bar or hotel. Correct.
Tip of the week
You need to start with the fundamentals.
When I carry out a building survey, one of the first things I will look for in a property are signs of damp – this is a common problem throughout Spain.
Damp can severely reduce the value of your property, it deteriorates the fabric of your property, it is a health hazard, unsightly, an unpleasant smell, dangerous when in contact with the electrical system and can cost a small fortune to fix if left unchecked.
There are many causes for damp in your property but there are four common causes of damp:
1. Rising damp is caused by water penetrating the foundations, interior and exterior walls of your property, due to a breakdown in the existing damp-proofing or broken pipes under the property.
2. Leaking roof damp is caused by water penetrating the roof areas and exterior walls of your property, due to a breakdown in the roof surfaces, cracked walls and cement joints or poor quality exterior paint- work.
3. Condensation damp is caused by inadequate ventilation, humidity and poor insulation.
4. Drainage damp to exterior and interior walls is caused by a breakdown of the guttering, water drainage system and poor quality paintwork.
If you are trying to sell your property and a buyer finds signs of damp, it could easily put them off buying or they will want to reduce the asking price.
My advice. Check if your property has damp and arrange for a professional, independent inspection to advise on the causes and the most cost-effective solutions before it becomes a bigger problem.
Next week I will be talking about other fundamentals that your property will need to meet on the road to increasing the value of your property.
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John Graham FGIS
020 32 900 983 / +34 657 337 477