Refurbishing any property will always pay you back a bit more more than whatever you spent in it. May it be money, time or stress, or ever your own energy and sweat, it will be worth it. Value the time and energy you put in it too however. A ready to go house that you like very much as it is, can be also a comfortable choice.
Then why is it that we always hear these stories about people ending up
spending three times more the money and time initially estimated?
Like many other situations, refurbishing a property requires a minimal experience.
Here are some guidelines valid more or less throughout Spain (prices are VAT Tax Included):
500 – 700 € / m2 – only partial refurb, minimal decoration. is what you can spend to renew a house for the basics. New floors, new cables and pipes, painting and perhaps windows and doors if you are careful. So let’s say for a 60m2 1 bedroom you might end up spending 30.000€ approximately. This is to redo the house from head to toes however, with very basic finishings. Our experience
800 – 900 € / m2 on average – what we recommend for in our experience for buy-to-let: you can refurbish your flat completely, this time with more premium details. 2 or more Air Conditioning units and a new nice kitchen will be included in the price, with the fridge, washing machine, oven, dishwasher and even a microwave! You can include even some design elements and the overall quality of every component is more likely to last longer and just feel more solid. The idea here is that our data shows that we get our money back in less than 2 years from this initial additional investment.
1000 up to 1200€ or more / m2 with this budget, you can turn a rather dark flat apartment with a boring layout into something unique and perhaps even jaw-dropping. In this price range you will be able to knock down even structural walls otherwise impossible to remove if you like. You can do literally everything, all the way to installing the most cutting edge technology for living. You can also decide to be as premium as possible in the remodeling, and within this same budget, hire an experienced designer to furnish your house down to cutlery and linens, the price will include the cost for all the furniture and gadgets, all very premium of course.
The length of the works is directly related to your needs and your budget. You can do a massive make over in 2 weeks, as long you have all the materials ready. It will require the contractor company to place 5 times more the workers, but as long you pay everything is possible.
It’s a great idea to always give a very rigid deadline to your contractor and set it 2 weeks before your actual deadline.
Even if it’s the case, never tell your restructuring company, that you are not in a hurry. This will mean the work done in 1 or 2 months more the time. Ask them when is a realistic date for the delivery of your renewed apartment, and then see if you can stretch it. This won’t harm the end result, the refurbishment company will simply need to redistribute their resources in a proper manner to make it happen.
“yes but what if I’m a foreigner? How do I choose among the hundreds of companies I see online?”
Ask for a referred company. There is always someone who has dealt directly with renewing their property that can give you their insight and contacts.
Do not make the mistake to try to become a Project Manager and just hire the workers, you will spend more and age in the process.
Get multiple quotes from 3 or more companies and learn about the process from each contractor. Showing the property you are thinking to buy to an experienced architect is free! Use this chance to narrow down the details of how much it will cost to refurbish and how long it will take you.
Contractors can work with a given maximum budget, so do the math and then set up a absolute realistic maximum.
You will see miracles happen here.
And last not but least, Ask Us! We have been refurbishing the properties our clients bought through us for many years now. We know various interior designers and architects.
We like to help, so if you have any curiosity just write us an email and we can exchange ideas, give you valuable tips, and even pass you for free the contacts of our best contractors and designers,
so that you can start working on your new dream house in Madrid, today.