When you are looking for property to live or invest in, it is normal to go for good and nice, but above all, cheap apartments. And although it may seem impossible, there are still a few tricks on how to find fairly priced apartments in the Spanish capital, but you need to remember certain aspects.
Today, this article by ShMadrid will share a few tips on how to find affordable homes in the capital. So, if you are looking for an apartment, don’t miss this article.
Related article: Areas in Madrid with More Affordable Rent
Find cheap apartments in Madrid with these tips and tricks
First of all you should always be patient and look hard. And although this is not always easy, your perseverance and work will result in finding that ideal apartment. Check all the real estate portals that you can, because sometimes you will find hidden treasures where you least expect it.
Choosing your favourite neighbourhood and coming up with the necessary characteristics of the property is essential. You must make a list of what you like, what you need and what you can spend.
Study the average price within the area of your preference to make sure that the price is suitable for that area. It is also important to investigate the price per m2 for apartments in that zone. You can use real estate portals to get that kind of information.
Another important aspect is visiting the property, and if you like it, try to visit it at different times during the day, so you can check elements like light and noises.
Explore the area the apartment is in, and be sure it has everything you need to live there. Are there enough shops? Is it quiet? Or noisy and bustling? Are there parks, banks, schools and public transport?
Make a list of all the pros and cons of the apartments on your shortlist, but if the list is too long, let these positives and negatives help you eliminate some of your options. This will make it easier to choose a property. Do not agree with the asking price immediately, but always try to negotiate a better deal.
Related article: Advantages of Buying a Renovated Apartment in Madrid
Look even closer at the area and property you are about to select. How far is the property from public transport? What state is the property in? Does it need little or lots of work? And what about things it is missing? (an elevator or natural light) Although you can do a lot by yourself, sometimes it is wiser to consult experts, as they know important factors best.
If you are in search of a cheap apartment, then you might need to settle for less. As you already know, the price of a renovated apartment is not equal to the price of a refurbished one.
So naturally, this means apartments that are still in need of renovations are cheaper than an already remodelled apartment. For that exact reason, you should consider buying an apartment that has not yet had any work done, so you can work within your budget.
Another factor that has an impact on the price is whether the apartment of your choice is on the interior or exterior of the building.
An apartment that doesn’t have much daylight will always be less expensive than a very sunny one. So if you are looking for an affordable apartment and the lack of natural daylight doesn’t bother you (much), you can opt for an apartment on the inside of the building.
Deciding whether you want to live in the city centre or on the outskirts is also an important aspect. Living in the city is more expensive, but if this is what you prefer, then you might have no other option than to go for a smaller apartment with less daylight that is not yet renovated.
It is also good to know that penthouses are more expensive than ground floor apartments. So, the higher the apartment is, the more is will be worth and the more expensive it is to rent or buy it.
What are your tricks for finding cheap housing in Madrid?