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 suitable choice.
So, should you refurbish or not?
Here are some guidelines valid mainly in the larger cities of Spain (prices are VAT Tax Included):
700 € / m2 – partial refurbishment renew a house for the basics. New floors, new cables and water pipes, painting and perhaps new windows and doors. So let’s say for a 60m2, 1 bedroom you might end up spending 42.000€ approximately. This is to redo the house from head to toes however, with very basic finishings. Nothing fancy or extremely long lasting quality but still pleasant to rent out.
1100 € / m2 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.
This is the total final price, tax included, furniture and decoration included. Even towels, sheets and kitchenware. Ready to rent short term.
Complete with fridge, washing machine, oven, dishwasher, microwave, everything.
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, of good quality.
Our data shows that we get our money back in less than 2 years from this initial additional investment.
Every euro spent on refurbishment will give you back much more, in proportion, than the purchase price.
1500€ and above/ m2 Premium Refurbishment. with this budget, you can turn a rather dark and low flat with a boring layout into something unique and perhaps jaw-dropping. In this price range you will be able to knock down even structural walls otherwise impossible to remove. You can do literally everything, all the way to installing the most cutting edge technologyies and materials. You can be as premium as possible in the remodeling, and within this same budget, hire an experienced interior designer to furnish your house down to cutlery and linens, the price will include the cost for all the furniture and gadgets, all best quality of course.
Expect 10 to 14 weeks for an entire make over.
It’s a great idea to always give a very rigid deadline to your contractor and set it 2 weeks before your actual deadline. This is Spain, so just expect that 2-3 weeks extra time to begin with. 3 months it truly is the longest it should take from A to Z.
Never tell your contractors that you are not in a hurry. Do not expect to receive punctual updates but rather call your contractor every 3-4 days and demand for pictures.
“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 by someone who has actually worked with them for a big project. 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 become a Project Manager and just hire the workers yourself, you will spend double and take 3 times the time. Trust us on this one.
Get multiple quotes from 3 or more companies and learn about the process from each contractor before you start. 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 you give them.
Set up an absolute realistic maximum and then keep 5-10% for contingencies for yourself.
And last not but least, Ask Us! We have successfully refurbished hundreds properties for our clients.
We can give you 3 or more trustworthy, english speaking architects with their own contractors and interior designers.
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.