That is the question.
It's not always an open and shut case. Here we have two examples, one a house set in a complex of 10 houses with shared pool and off road parking, built in an arabic style for 235000 and second a project in the same area (About 1km outside Lliria) on a smallish 400m2 plot with dingy everything but that hidden word, potential, at 190000 Euros or nearest offer. (Just in case you want to know 4 and a half bedrooms, living room, kitchen, pool, bathroom, covered terraces, and open roof terrace and I could have used the word small before all of the room sizes.)
So what do you buy if you really want something in that area and are attracted by these two? There is a difference in price of 45000 Euros so you think about the doer upper. How much would it cost to renovate? Take a couple of non-supporting walls out to make a large lounge but lose two bedrooms, that leaves two bedrooms and a half through room. The bathroom needs to become a wet room due to size but is not then on the same floor as the two remaining bedrooms so you put another bathroom in on the upstairs open terrace, lose one of the bedrooms or extend onto the down terrace overlooking the garden... So many questions and options. By the time you are happy with it you have spent a year, the vast majority of the 45000 Euros and you are bald from tearing your hair out.
Or there is the other scenario of knowing exactly what you want to do and so spending 20000 Euros giving yourself a chic pad with essential central heating because the majority of your time will be spent outside anyway in the smallish garden and cooling off in the dip pool.
Meanwhile in our ready to move into place you are looking to extend upwards (As is allowed in these particular houses) as you now want a project after sitting around for a year soaking up the sun and relaxing. The itch is there so you look at a project house for renting out and creating a second income...
Oh the choices!
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