Buy the new house or renovate the second hand?
In some regions of Spain, buying and renovating a second hand home can work out much more economical than buying a new home, according to information from a property portal pisos.com.
While the average price of a new build home of 90 square metres amounts to 184,680 euros, a second hand property of comparable size requiring some refurbishment is around 138,282 euros, which leaves the considerable difference of 46,398 euros to cover any necessary reform works.
Moreover, since the average price for these reforms is 16,523 euros, according to data published by property portal, pisos.com, this translates to possible savings of nearly 30,000 euros, and likely explains why the number of Spanish home reforms are growing year by year, as are the budgets dedicated to these works.
According to the portal, apart from the obvious economical aspect, and the fact that the buyer can then upgrade and reform the property to their own specifications and tastes, other advantages are that these second hand properties for reform, quite often occupy more central locations of towns and cities, which as a result provide better access to public services.