The decision to buy a home will be one of the most important decisions you will ever take in your life. And that is why you should not think lightly of it and not take that decision hastily. You must always look at the different options you have, in order to choose the one that is best for you.
There is certainly a good reason why they say patience is a virtue, meaning that having to wait a (little) while to find your perfect home should not lead to any despair. As soon as you have found it, however, it will immediately be clear to you that this is the moment you have been waiting for.
Something that can be of importance when deciding what kind of home to buy, is whether it should be new or renovated.
So today, as there are many advantages of buying a remodelled home, this blog article by ShMadrid will focus on the most important ones.
Related article: Advantages of Buying Property in Madrid’s Salamanca District
Lesser known advantages of buying a renovated apartment in Madrid
One of the advantages often mentioned by homeowners, is the fact that there is a big price difference. And Madrid is not a cheap city to buy property, especially in case you are looking for a home in neighbourhoods like Salamanca, Retiro, or Centro.
If you are willing to consider buying an existing apartment that has been renovated, then this is usually one of the more affordable options.
In terms of investment, buying a renovated apartment tends to be more profitable. All you have to do is discover the ratio between locations and old buildings’ prices, and then act.
Something that also plays a key role when buying an apartment is its location. Older housing options are usually in better districts, while new constructions often tend to be in the more remote parts of the city.
Buying an old house to renovate yourself is also an option, but it can lead to many worries, most of all because of financial consequences that cannot always be calculated in advance.
It is very common to work with a renovation budget, and when you encounter problems, these can lead to huge increases. When you opt for the already renovated apartment, you will avoid all these issues. Finding that unique home that suits your style and personality is not all black and white though, so you must check out all your options, including buying and renovating afterwards.
Related article: Should You Buy or Rent a Home in Madrid in 2020?
Renovations usually take time, sometimes even a lot, which could make you feel apprehensive of when you will finally be able to move into your new home. When you buy a remodelled apartment in Madrid, you can move in immediately, without having to wait for any work that still needs to be done.
A renovated apartment will, therefore, save you a considerable amount of time, that you would otherwise have needed to reserve for necessary repairs.
Once you realise that remodelling an apartment can be more expensive than anticipated, you can appreciate the fact that you will not have to worry about financial insecurities. All you have to do after buying a remodelled apartment is move in and decide where to put your furniture.
On the subject of fiscal consequences and taxes, it is always cheaper to buy an already existing home instead of a new one. Newly-built homes are subject to 10% VAT in Spain.
VAT on existing homes, however, ranges between 6% and 8%, depending on the autonomous community the property is in. Currently, Madrid has the lowest rate, which is at 6%.
The real estate market is facing several sustainability and energy efficiency issues, mainly when it comes to existing building structures, but in a renovated apartment these issues will already have been dealt with. You can live there without any worries, knowing what it will cost you every month.
Are there other important advantages in buying a renovated apartment in Madrid?