Which is better: buying refurbished or renovated flats?

This is one of the questions you are likely to ask yourself as a future homeowner, which will largely depend on the budget you have in mind (and the rush you are in to move).

Buying a renovated or refurbished flat?

Flats to be refurbished or refurbished? When it comes to deciding whether to buy a refurbished flat or a flat to be refurbishedMany clients are very clear about this. Some prefer a property that is ready to move into, while others prefer to buy a property in which they can decide on its layout, finishes, etc.

However, choosing one or the other is more than just a matter of taste. You have to take into account the numbers so that the purchase does not become a problem. Grab your calculator and take note:

Tight budgets: less than 1500€/m2

If you don't have enough money to buy a house, it is difficult to get the most out of a house to renovate. To put numbers on it, if your budget is less than €1500/m2, it is better to opt for a house that is ready to move into.

The same is true the other way round. If you are an owner and you want to sell, but you don't have the financial means to do a good renovation, you will have to make do with some repairs and painting. This way you will make a bit more money and your house will be decent to receive visitors. If you don't know how to do it, don't miss out on our essential tips for your home to make prospective buyers fall in love with your home.

Average budget: between 1500€ and 4000€/m2

The range of opportunities is wider, both for the buyer and the seller. If you are a buyer, you must take into account the price of the property and the different costs of the sale and purchaseplus the cost of the refurbishment. You can find flats at an exceptional price that will allow you to build the house of your dreams.

If you are an owner wishing to sell, there are two options. Keep in mind, however, that a property with outstanding rehabilitation problems (slumps, unevenness, cracks, damp, etc.) should not be offered for sale:

• In dwellings where renovation is not necessary. This case is only advisable if the renovation is minimal and will serve to make some extra money. Remember that the buyer will probably want to make his own adaptations.
   
• In houses that need to be completely refurbished. Either you can undertake it with the understanding that the house will have to be adapted to the needs of the new family, or you can prepare plans and renovation proposals for future buyers.

Flats to be refurbished or refurbished? advantages of buying a flat to renovate and what amenities it offers buying a new flat?

Advantages of buying a flat to renovate

• More competitive prices. A house to renovate will always be cheaper than one that is ready to move into. But, be careful, don't lose sight of the money it will cost you to get it ready. Set a budget and stick to it at all times.
   
• Luxury locations. Another major advantage is that these homes are usually in very good, central locations. Newly built houses are generally located in more remote areas or, if they are in city centres, their prices are excessively expensive.
   
• Option to refurbish to your own tasteWho hasn't dreamed of having a house that meets all the requirements you like? From an optimised floor plan where you don't waste metres and metres in boring corridors to the kitchen with an island that you have always dreamed of or the stunning living room where you can spend your free time with your family. You can decide all these things if you are the one who undertakes the renovation.

What should you bear in mind if you decide to buy a flat to renovate?

• Securing funding for the reform. Bear in mind that this expense is not associated with the mortgage, so if you do not have the money to do it, you will have to apply for a specific loan.
   
• Contingencies. Calculate that the value of the renovation can go up to 20 % due to unforeseen events. Keep this in mind when crunching the numbers.
   
• Immediate move-in is not possible. Remember that you will have to wait for the renovation to be finished before you can live in the house. If you are in a hurry to move in, this would not be your best option.
   

Comforts of buying a new flat

• No building work, ready to move in. This is undoubtedly one of the most interesting features of new homes. You can move in straight away and, at most, you will have to furnish the house.
   
• Economic savings. By having the immediacy (i.e. you can move in once the payment is formalised), you will obtain significant financial savings. For example, if you are renting in another property, you will be able to leave immediately and without having to wait for the house to be ready.

What should you bear in mind if you decide to buy a new flat?

• Payments. Depending on whether the purchase of the newly built flat is off plan or already built, the payment plan may vary. As with other homes, if you do not have the money to buy it outright, you will have to take out a mortgage. For this you will need a stable financial situation.
   
• Possible hidden defects. Even if it is a new house, you should not think that it will not have any problems. It is normal for new constructions to have hidden defects or some problems that will have to be fixed over time. Be sure to check the work thoroughly before signing the handover.
   
• Facelift. If you have bought a renovated second-hand property, you run the risk that this renovation is not really a thorough renovation, but a simple facelift. In such cases, you may be in for some unpleasant surprises. That is why it is so important to have an expert help you when buying a property.

Flats to be refurbished or refurbished? It is clear that both buying a renovated house as a house for renovation has its pros and cons. Our advice is to always consult an expert in the sector who can guide you to avoid potential problems.

In Monapart we can help you beyond the buying and selling your home or of the renting your home. Many of our agents are also architects and can guide you to make the most of the space of your home in your renovation project. Contact us without obligation! -> info@monapart.com