21 Feb How much does a house in Madrid cost?
If you are thinking of investing in a home in Madrid or if you need to move, the first question you are sure to be asking yourself is how much money do you need to be able to buy my ideal home. Or as near as ideal as possible.
I can do two things, estimate the available budget and start the search in known neighbourhoods. Surely I will find something, I’m lucky, in the selected area I see at least one, two or three houses that fit. Big mistake, if the published offer is limited, it means that when we ask, investigate or visit those houses we will discard all of them. Information was lacking, it did not meet the conditions that were expressed, the real location will not be the expected one or the estate and its state disappoints us. Conclusion, I have to change the zone or increase the budget.
Another option is to define the type of housing I need, size, main characteristics and neighbourhood and from this analysis find the budget I need. This, contrary to what it might seem, is the most realistic thing to do. The market does not deceive, if I look for a 100 m2 house in a certain neighbourhood where the price per square meter to reform is between € 4,500 / m2 and € 5,000 / m2, it will not be possible to find a house at € 350,000. These bargains do not exist or they have significant impediments such as, for example that you buy the property, but not its use.
If you live outside of Madrid or if you live in the Community, but outside the capital, it seems difficult to assume such prices, but that is the reality, it is called market. The prices in the centre have nothing to do with the prices in farther areas.
Always referring to average houses of 100 m2, here are some examples of the house you could buy:
• With 1 million Euros you can choose any of the most prime areas of Madrid.
• With € 500,000 there are affordable houses in several demanded neighbourhoods, but without great pretensions, do not dream of an attic.
• With € 300,000 forget downtown neighborhoods, you will have to go to the periphery of the central almond (in M30) and get ready to see low and interior floors with little light.
You should also take into account that almost all houses will need at least a light reform and that purchase costs will be between 8-10% of the purchase price.
• Buying a flat in Madrid is not easy nor cheap.
• There are houses beyond the M30 and the M40.
• Beware of information on published ads. Ask and visit.
• In Madrid there are no bargains for € 200,000
And as a tip, remember that a professional who helps you in the search will make your life easier. You’ll buy better, with fewer complications and without the risk of being misled.
Good luck in finding your ideal home!