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Buying two homes remotely in Madrid
Yes, with the Euro trading close to its lowest level ever, which is about 1, we see many real estate investors coming from America as the euro lost about 20% over the last year.
Have a quick look at the EUR evolution over the last 5 years
On this chart, we check the evolution of any currency vs its level on the 1st of January 2021 (which we give a 100 value). So, if you see a value lower than 1 today, it means that the Euro weakened in the meantime. If the value is higher than 1, it means that the Euro strengthened.
Profile of the buyer
mother and son, both residing in USA.
Why Madrid is the perfect city for foreigners?
they both wanted to move to Madrid, and wanted to buy two apartments, one for each; the combination of the two would allow them to obtain the Golden Visa. The mother was in a wheelchair, so both properties had to be handicapped-accessible.
A nice budget for this real estate project in Madrid
total for both properties, including everything, 800,000€
Where in Madrid?
the greatest difficulty was finding apartments that were –or could be made- accessible. After a month viewing and analysing properties, they decided on two ground-floor apartments, one in Tirso de Molina and another very close to Plaza de España. One was in good shape but needed to be adapted to the mother’s needs, and the other was totally dilapidated by careless tenants. So we helped them with finding and selecting the right contractors for the jobs, and are currently supervising the works.
Some special considerations to take into account for this property search
due to personal circumstances, neither of them could travel to Madrid during the purchasing process, and are also not here in Madrid during the renovations. We helped them select the properties remotely by connecting as many times as necessary through video calls and making lots of very detailed videos and reports of the properties. During the renovation process, we are handling all issues as they arise, and sending regular status updates.
Length of this property hunting from start to finish
expected move-in date is end of September 2022, with a total duration of 6 months for the search, purchase, and renovations.
In this case, there were some renovations. If you are able to buy a property at a discount price because it needs some renovation, most of the time, it will be the best investment you could do as renovation works in Spain are not too expensive. Our property hunters do manage those works and we do have teams of renovation workers nearly in all major cities in Spain.
Is it too late to buy in Madrid?
Madrid offers some of the best returns in Europe. The entry price is extremely low, and average returns on Madrid property investment are some of the best in Europe- particularly among leading capital cities.
If you want to know more on that subject, have a look at our article: “What return will you make on your Spanish property?”
About Agnes and her team, our Property hunter in Madrid.
We help clients locate, purchase and renovate property in Madrid. Get in touch today if you’d like to learn how we can help you invest in Madrid.
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Check the full profile of Agnes, our local partner, Property Hunter in Madrid