For a dozen years (1995-2007), Spain was the hottest real estate market in the world. Huge investments from both domestic and foreign buyers sent prices into the stratosphere. At its highest, the market was up by over two-hundred percent. Economists called it a housing bubble, and in 2008 it finally popped. The fallout was frightening. Home values in most regions of the country lost half of their value. Not to mention that fact that estate agents and construction companies were left with more than three million homes they could not sell. Things were bad. And today? Lower Spanish mortgage rates have persuaded a few foreign investors to get back in the market. But new homes are still not selling. Believe it or not, shoppers are more interested in older homes that offer unique buying opportunities. What's the story? The truth is that buying a fixer upper in a down market can save a homeowner tens of thousands of pounds. Sure, most folks are frightened by home improvement projects. But adding value to an old home is rarely as difficult as it seems. Let us start with the kitchen. Instead of spending tens of thousands of pounds to replace or remodel the kitchen, work with what you have. Paint the walls and stain the kitchen cabinets. Replace the prehistoric appliance and lay a little linoleum. Those simple alterations should only set you back a few thousand pounds and a weekend of work. Another simple, slightly more expensive way to improve the look of an old home overnight is to replace the window treatments. The project will only take an afternoon and a couple thousand pounds.
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