Buying a flat is an important decision to make and takes time and patience. Considering some important aspects to keep in mind, we’ll explain the pros and cons of buying a flat to renovate below.
Location and area.
Pro: They’re usually in the city’s old town.
These old flats have a special charm. If you’re the type of person who appreciates historic value then you’re definitely looking in the right place. In Palma, these are the best areas to live.
Con: They tend to be flats that are more than 30 years old, and you need to take this into account when calculating how much the renovation is going to cost.
Surface area and layout.
Pro: You can design the layout your way.
Having a made-to-measure house, with a practical layout, adapted to your needs and following the latest home decorating trends, is a dream you can turn into reality. Renovating your flat will give you the opportunity to start from scratch and create your new home according to your tastes.
Con: Forget about doing things quickly
Renovations have this disadvantage, you’ll have to wait until your tiles arrive, the new kitchen or for the electrician to fit coming to your home into their schedule. Getting everything to fit together in order for it all to be done in record time is a challenging job.
Pros: A flat that’s a renovation project is cheaper than one that’s already renovated, in addition to renovating it, you’ll increase the value of your purchase and the taxes that need to be paid on a used home are also less.
Con: Sometimes cheap turns into expensive.
It is crucial to detect any serious defects in the flat that can turn the renovation into a real nightmare. Creating a list of all the imperfections is recommended so that you can make a rough estimate of how much the renovation work is going to cost.
Protecting the environment.
Pro: You can invest in your home’s energy efficiency
Insulating your home properly, adding an efficient temperature regulation system and buying A+ household appliances is a hefty short term investment, but will lead to long term savings. You’ll be helping to protect the environment at the same time.
Con: As we mentioned before, this investment is expensive in the short term.
If you decide to renovate a flat, at Pure Palma we can help you manage your renovation project in Palma.