Mallorca’s traditional old towns are one of its most distinctive and attractive features.
The townhouses within them vary from modest properties to the grand houses of wealthy merchants and landowners. Many have already been renovated, some to exceptionally high standards, and there are also still some very good opportunities to buy properties in good locations in their original state.
Taking on such a property and renovating can be result in a highly attractive and characterful holiday home. They can be surprisingly spacious and light, and can offer comfortable modern living. Many have lovely patio gardens or roof terraces and some have small pools.
Whilst opportunities exist these old historical properties are finite in number. Over that last ten year they have become more sought-after for both personal use and as rental properties, so they have all the ingredients of being a good investment over time.
Not everyone can take on such a project, and not everyone would want to. By definition they are located in Mallorca’s old towns which for some represent the essence of Mallorca and are a key attraction to the island. But they are not the best option for beach lovers and those looking for a lively night-life!
More practically, you need to commit time and and be dedicated to the project. No matter how professional your contractors are, the only sure way to get your desired result is to make regular visits to the property while work is being carried out.
You will also need to be clear on the costs and have funding in place. The last thing you want is for funds to dry up part-way through. It will cause a lot of hassle and leave you with a part-renovated property that is likely to be difficult to sell at a decent price.
Some tips and pointers
If you have the time and the money the success of your project will come down to having a level head and lots of practical common sense.
- Check out the locations. Do this before you start looking at properties. The old towns themselves vary considerably in size and character, from Soller and Pollensa which are prominent towns which a mix of local culture, ex-pat residents and and holiday-makers, to smaller communities such as Sineu. This point cannot be stressed enough – do not be lead to locations you are not familiar with by attractive properties or prices. Getting a good investment that works for you means buying in an area you will enjoy being in for extended stays over the years. Money to one side, such project are a big personal commitment and coming to realise you made this commitment to the wrong location is a serious let-down!
- Check out the properties. This sounds obvious, but it is surprising how many people buy properties without knowing the scale of the task. In the first instance a good local builder is likely to be able to give you an initial impression. Following this you should employ the services of a structural engineer or technical architect (see below) to survey the property and assess the viability of the task. If it is looking good at this stage you may choose to get plans drawn up and quotes from project managers / builders. Base plans and costs at least are strongly advised so you can be sure the total project is within your means. NB. in Mallorca there is a distinction between “architect” and “technical architect”. Both are professionally trained and essential to the project. The architect is the same as the architect in the UK, The technical architect is equivalent to a structural engineer.
- Make sure you can get the relevant permission. See below.
- Take time to put together the right team. There are different ways of handling this. You could project manage yourself in which case you need to be confident in finding and liaising with the architect, technical architect and various building contractors yourself. This is recommended only if you a) know the island well, b) speak fluent Spanish (or better-still Mallorquin) and c) have prior experience of such projects with similar old buildings. Otherwise a project manager is key and this must be well researched. Some are excellent and will save you time and money producing a high quality result. Others are simply not qualified and will most likely achieve the opposite. A recommendation from a trusted source is the best first step – contact us for more information.
- Be realistic on time scales. A project of this nature can take just a few months if the property has been well maintained and where the renovation is just an internal modernisation with no significant structural changes. At the other end of the scale some renovations are in effect a complete ground-up rebuild. All aspects of the job will take longer and it is quite possible some aspects of the rebuild will only come to light once the job is underway. In this case we are looking at 12 to 18 months or more and a contingency budget is a wise precaution.
It is most sensible to have the key members of your team, the a base plan and the cost plan all in place before you commit to purchase. This will mean spending some money up-front but if managed in logical steps you should be able to discount the property early on if there is something in the mix that makes in nonviable.
It is essential also that you have a clear indication as to whether the revisions to the property will be acceptable with the town hall. Sometimes it is sufficient to get an informal confirmation as to what they will allow. Significant changes to the exterior may require more formal confirmation with actual plans.
Buying a “complete project”
If you like the idea of having a newly renovated townhouse but find the above too daunting or cannot commit your time as outlined, there are some opportunities where the plans, costs and permissions have already been put together by a developer, agent or project manager.
This is more akin to buying an off-plan property as you will view the design and pay the price for the finished item. You will of course be able to change things such as the kitchen or tiles etc. to your taste and this would need to be re-costed within the sale price.
This can be a very good route but bare in mind the developer is likely to be selling at a higher price for a finished property. To some extent this is fair as they have already competed the design and planning stage at their cost The contract between you and them should clearly detail the time scales, materials to be used, fitments and costs. So if there are any unforeseens the developer should have to deal with them, not you.
To assess the likely quality of the finished item ask to see projects the developer has already completed. If there are none steer clear!
Buying a finished property
The easiest route is to buy a property that someone has already renovated. As there is no development to be done you can move in straight-away without any further costs or hassle.
The disadvantage is that that you will not get the investment advantage of having renovated yourself, and the property will not be your own personal creation.
If you buy well you should still end up with a solid investment but for a better potential you would go down the “complete project” route and for the greatest potential the self-managed project is the way to go, albeit with a project manager on-board.
Some renovation opportunities currently on the market
Here are some renovation opportunities and completed renovations currently on the market. Most in this selection are from Pollensa which is one of the most sought-after old town locations in Mallorca.
Other interesting old town locations include Soller, Arta, Andratx town and Sineu. See our location guide for more information.
Prices are for the property as described. Renovation / modernisation costs would be additional and dependent on the design and quality of materials and fitments used.
≈ Pollensa – renovation project with exiting license and plans. Requires complete renovation but the existing plans and permissions are valuable and will speed up the development time. An outstanding opportunity – price reduced from 320,000 to 290,000 Euros.
≈ Pollensa – renovation project close to town square. Requires complete renovation – price 255,000 Euros.
≈ Townhouse for sale, with pool, Pollensa, North Mallorca. Renovated a while back but would benefit from modernising and upgrading. The large garden and pool make this an attractive investment prospect – price 650,000 Euros.
≈ Refurbished 4-bed townhouse for sale with plunge pool, Pollensa Old Town. This one has already been completed to a high standard, so fits into the “buying a finished project” category. Price reduced from 920,000 to 890,000 Euros.
≈ Luxury and grand townhouse with pool, Pollensa Old Town, North Mallorca. This one fits the same category at the top end of the market – price 1,800,000 Euros.
≈ Super traditional townhouse for sale at exceptional price, Pollensa. This one was is also complete and is at the other end of the price spectrum – an exceptional asking price of Euro 280,000.
≈ 4 bedroom townhouse property for sale in Arta, Mallorca. The basis of this property is good but it requires modernisation and some structural works – price 440,000 Euros.
≈ Traditional townhouse for sale in Capdepera. This property has super views to Capdepera castle. It has already been renovated but would benefit from some modernisation. A great opportunity to improve a property without having to take on the base structural renovation works – price 399.000 Euros
Hopefully this has given you some useful advice that will help you to assess whether a townhouse renovation is for you and, if so, what is the best way to go about it. There is no doubt that if you approach the project carefully and are well prepared it can be a very satisfying and rewarding way of obtaining a great property in Mallorca.
If you are interested contact us as many renovation opportunities are not advertised online. We will also offer more detailed advice and help you with your planning as well as finding the best property options.
≈ Email us for more details
≈ Search for renovation opportunities
≈ Print details
