Your vacation or forever home in Spain is your sanctuary, your refuge from the outside world. But what if your sanctuary feels stale and uninspired? A renovation can not only transform your space into something you love, but it can also add value to your home.
When it comes to home renovations, the benefits can be twofold – not only can you improve your living space and increase your own enjoyment, but you can also boost the value of your home and potentially even earn extra income if you rent it out to tourists.
If you’re living in the highly touristic region of Girona, Spain, there’s never been a better time to consider upgrading your home. To help guide you, we’ve put together the ultimate guide to home renovations for maximum ROI.
1. Elevate the style of your home
If you own a Mediterranean home, you already live in a space that exudes beauty, warmth, and style. But what if you could take your home’s aesthetics to the next level? Upgrading the overall design of your home can not only make it more appealing to live in, but it can also increase its value and make it more attractive to renters.
The features
One of the most significant benefits of upgrading the design of your Mediterranean home is that it can create a more luxurious and comfortable living space. You can add features such as larger windows and doors to let in more natural light, higher ceilings to create an airy feel, or even install a rooftop terrace to take advantage of the stunning views. By upgrading the design of your home, you’re essentially creating a space that’s more conducive to relaxation and enjoyment.
The ROI
But it’s not just about the aesthetic benefits. Upgrading the design of your Mediterranean home can also lead to a significant return on investment (ROI) if you decide to rent it out to tourists. Tourists flock to the Mediterranean region for its breathtaking views, beautiful weather, and vibrant culture. Boosting your home’s design to match the region’s charm increases its appeal to renters and potentially increases your rental income.
Additionally, a well-designed home is more likely to attract higher-quality renters willing to pay a premium for a luxurious living experience. By investing in your home’s design, you’re investing in its rental potential, allowing you to enjoy a higher ROI in the long run.
2. Create the most amazing kitchen
The kitchen is often the heart of the home and is one of the most important spaces for potential buyers. A kitchen renovation can increase the value of your home by up to 10%, according to a study by Zillow.
High-quality finishes, such as marble countertops and top-of-the-line appliances, can add significant value to a home, as can features such as large kitchen islands and ample storage space.
Kitchens also come in handy when entertaining guests, providing a gathering space for food and conversation. Whether hosting a dinner party or simply enjoying a meal with the family, a beautiful and functional kitchen can significantly enhance the experience of living in a Mediterranean home by the beach.
3. Invest in a luxurious bathroom
Bathrooms are one of those areas of the home that we pay disproportionate attention to, whether we are homeowners or tourists renting the space for the week. Here you can relax and unwind after a day spent enjoying the sun and sand, while the right design and features can create a spa-like atmosphere, contributing to a sense of calm and relaxation.
High-end bathrooms with luxurious features such as spa baths, rainfall showers, and elegant tiling can add significant value to a property, attracting potential buyers or renters. More specifically, an updated bathroom can increase the value of your home by up to 5%.
4. Up your outdoor game
In Girona, where the weather is warm and sunny for most of the year, outdoor living spaces are highly desirable. Adding a deck or patio, outdoor kitchen, or landscaping can increase the value of a home by up to 12%, according to a study by the National Association of Realtors.
Furthermore, these outdoor spaces become a great investment once they are rented out to tourists. A sizable proportion of tourists seek to rent out a home or apartment with outdoor space when going on a Mediterranean vacation. With the beautiful weather and stunning scenery of the Mediterranean region, having a private outdoor space to relax, sunbathe, dine, or entertain becomes a major selling point.
Therefore, if you own a vacation rental property in the Mediterranean region, investing in outdoor space, such as a patio, terrace, or garden, can greatly increase the appeal and rental value of your property.
5. Create an addition
An addition can add valuable living space to your home, making it more comfortable and enjoyable for you and your guests. This added space can include extra bedrooms, bathrooms, living areas, or even a private guest suite. Adding an extra bedroom or converting unused space into a bedroom can increase the value of a home by up to 4%.
Such additions are highly desirable for growing families or those needing a home office or guest room. With more living space, you can charge higher rental rates for your property, increasing your rental income and ROI. A larger property with more amenities and features can attract more guests and allow you to charge higher rental rates, particularly during peak travel seasons.
How much should you expect to invest in a renovation?
The cost of a renovation project can vary widely depending on the scope of work, materials used, and the level of customization required. A normal-scale renovation, such as lightly updating a 250 square meters Mediterranean villa, requires an investment starting from 2,000€.
A bathroom remodel averages around 5,000€, while a larger project, such as a kitchen remodel, requires an investment averaging 17,000€.
When is the best time of year to renovate your Mediterranean home?
Right about… now. If you are a homeowner in Girona looking to renovate, you should know that renovations for houses near the beach are banned between the 24th of June and September 10th.
This means that it’s crucial to decide on a renovation plan as soon as possible to ensure that the work can be completed before the ban begins – especially if you’re planning to rent out your renovated project to tourists.
However, if you are considering a larger remodeling project, take your time. Depending on its elaborateness, a more complex remodel can take between 5 and 11 months.
We are Arkavis
As a design-build company, we take care of the entire renovation process from design to implementation, making the renovation process as seamless as possible for our clients. Furthermore, we offer the same guarantee for renovations as other firms do for new buildings, giving our clients peace of mind in their investment.
As a design-build company specializing in renovating properties in the Girona province of Spain, we have extensive experience of 10+ years in renovating exquisite villas and apartments.
Why work with a design-build firm?
A design-build firm is a type of construction company that offers both design and construction services. At Arkavis, we handle all aspects of a project, from initial design concepts to final construction, and work closely with clients to ensure that their vision for the project is realized.
We are a design-build firm tailored to expats
This means that our services are specially crafted for individuals who don’t live in Spain:
- We speak English fluently and understand the logistical hurdles of not being in the country during construction
- We handle all legal aspects, including filling out the paperwork required to purchase land or obtain local permits from the local authorities
- You’re always connected through our 24/7 live streaming from the construction site
Our secret sauce: Radical Transparency
We believe that effective communication is critical to the success of any design build project. It ensures that all parties involved are on the same page and everyone’s expectations are met.
Here is how we help maintain open lines of communication and avoid misunderstandings:
- full access to project status updates and budget updates on our digital platform
- 24/7 live streaming from your construction site
- and you can communicate with any member of the team at any time
Let’s talk
Renovating a property is a wise investment as it increases the comfort and functionality of your space and adds value to your property.
However, not all renovations are created equal.
Some renovations can increase the value of a home more than others – and we would love to discuss further the types of renovations that would increase the most the value of your home based on your budget, time frame and preferences.
Click here to schedule a complimentary conversation with one of our experts!
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