Finding that Needle in the Haystack
Recently we wrote about how to find a bargain area when you buy a property in Tenerife and promised that this month we would write about how to find those elusive individual bargain properties in Tenerife that might be scattered anywhere…
Finding a bargain property is like sifting hay and looking for that elusive needle. Many hours can be spent gazing at a computer screen, many days spent looking at properties and at the end you can often feel none the wiser.
We all know that a bargain should be a property that is offered at well below market value. The problem is that there are many different factors that go into the valuation of a property, and it is only when you understand that value that you can figure out whether it is a bargain or not.
For example, these are some of the questions that we consider when we assess the market value a property in Tenerife:
- When was the property completed and how much was its original value?
- What has happened to prices on the complex since then?
- How well has the complex been managed – has it preserved its value?
- How does it compare to complexes nearby in terms of age, quality of construction, size, presentation?
- How does this particular unit compare to others in the complex in terms of condition, position, décor and furniture?
- What is the market looking for, and how high are levels of demand for this type / price of unit?
- Are there any changes to the local landscape that may affect prices?
- Are there any planned changes that may affect future demand?
It’s no easy job, and most of this type of information is only available to a company like Tenerife Property Shop who have been keeping records for years.
So rather than make you jump through hoops to look for all this information, we thought that we would save you time with our new website by highlighting all the properties that our valuers have assessed as really good bargains, and here they all are!