12 Dec In need of repair or ready to live in, that’s the question
If you’ve ever considered buying a house one of the things you had to decide was it had to be ready to live in – or at least in good condition- or if you wanted one in need of repair. A great question!
The house that we read about or even visit can be in different conditions. From the brand new apartment to the ‘fully renovated’, ‘recently renovated’, a ‘in good condition’, ‘needs some reform’ or ‘needs a complete reform’.
Your decision depends on several factors but your budget is a good way to make up your mind. Let’s take as an example the centre of Madrid, the so-called ‘almond of Madrid’ which are mainly the districts within the M-30.
If we have a low budget, less than € 3,500 / m2, it is best to look directly for a new or recently renovated apartment, so as to avoid risks with the final expenditure. If our budget is between € 3,500 and € 5,000, we will have doubts. In this case, the best thing will be to look for both of the options, house in need of reform andr houses already reformed and be well advised on the state of the premises, the structure of the house, the quality of the retrievable elements and a detailed analysis of the different reform quotes. Keep in mind that the financing will be lower if the purchased home is in poor condition since the appraisal will be lower.
With a budget over € 5,000 the decision is easier, a good reform will get you the house you want and need. If we look for houses in need of reform, we can get better prices per square metre and the chances of getting our ideal home are bigger, it will be easier to play with the spaces to adapt them to our way of life and we will be able to implement the type of decoration that fits us best . In this situation it is even more essential to get good technical advice before the purchase and at the time of the reform.
Inconveniences of having to reform are longer times before moving in and the risk of deviating from your budget as well as lower bank financing.
Another way of assessing whether you’re interested in a house that needs reforms is to get an estimation on the minimum necessary reform or of the ideal reform. As a reference, for a house that only needs some upgrading we can calculate between € 500-800 / m2. If you want to make over the house from scratch with first quality materials you’ll have to calculate a minimum of € 1.000 / m2.
It’s not an easy decision , but if it is very rewarding, and in the end you can enjoy a new house perfectly adapted to suit your tastes and lifestyle.
Search around, choose, get advice, calculate your budget, make the decision and go ahead. Enjoy!