Is it worth renovating an old apartment or buying a new one?

Introduction

Make the decision to renovate an old apartment or buy a new one is no easy task. Both options have advantages and challenges that can impact cost, location, convenience and long-term investment.

In cities such as BarcelonaIn a real estate market where the market is competitive and prices vary by area, it is important to analyze in detail which option best suits your needs and budget. In this article, we compare costs, advantages and disadvantages to help you make the best decision.

Costs of renovation vs. purchase of a new apartment

One of the most decisive factors in this decision is the total investment price. Below, we analyze the estimated costs of each option in Barcelona.

Cost of a complete renovation

The price of a renovation varies according to the state of the apartment, the materials and the magnitude of the work. In general, we can estimate the following values:

• Basic reform (kitchen, bathroom and painting updates): between 800 and 1200 €/sqm.
• Medium reform (change of distribution, new installations): between 1,200 and 1,600 €/m²..
• Complete renovation (complete modernization with high quality finishes): from 1,600 and 2,500 €/m²..

For a floor of 80 m²the complete overhaul could cost between 120,000 and 200,000 eurosdepending on the complexity and materials chosen.

2. Cost of buying a new apartment

The price of new construction apartments in Barcelona varies depending on the area. According to updated data:

• In the center of Barcelona (Eixample, Gràcia, Sarrià-Sant Gervasi): between 5,500 and 8,000 €/m²..
• In peripheral areas (Sant Andreu, Nou Barris, L'Hospitalet): between 3,000 and 4,500 €/m²..

For a floor of 80 m²This represents a purchase price of between 250,000 and 600,000 euros or more in exclusive areas.

3. Conclusion on costs

• Renovating can be more economical if you find a house with a attractive purchase price.
• Buying new is more expensive, but avoids surprises and additional renovation costs.

Advantages and disadvantages of renovating an old apartment

1. Advantages of refurbishing

✔ Privileged locationsMany older apartments are in central areas with greater connectivity and services.
✔ Total customizationAdapt the spaces to your needs and tastes without compromises.
✔ Increase in the value of housingA well-planned renovation can increase the value of the property.
✔ Architectural charmHigh ceilings, hydraulic floors and other details difficult to find in new apartments.

2. Disadvantages of reforming

❌ Possible structural problemsRenovation of an old building can bring surprises such as beams in poor condition or obsolete installations.
❌ Bureaucracy and licensesDepending on the area and type of renovation, it is necessary to obtain municipal permits.
❌ Construction timeA complete renovation can take several months, which implies more planning.

Advantages and disadvantages of buying a new apartment

Advantages of buying new

✔ Energy efficiencyModern materials, thermal insulation and sustainable systems.
✔ No need for renovationsEverything is ready to move in without worries.
✔ Ease of financingBanks usually offer better conditions for new construction mortgages.

2. Disadvantages of buying new

❌ High priceThe square meter in new construction is usually more expensive than second hand.
❌ Location in the peripheryMany new projects are in areas farther away from the center.
❌ Less customizationGenerally, it is not possible to modify the layout or finishes prior to purchase.

Key factors to decide

Before making a decision, consider the following aspects:

1. Location

If you want to live in a central area, you're more likely to find second hand to refurbish. On the other hand, if you are looking for a modern and ready to move inIf you are looking for a new area, you will probably have to opt for newer or peripheral areas.

2. Budget

• If you have a tight budgetreform may be more feasible.
• If you prefer to pay more for the comfort and efficiency of a new apartment, then new construction may be a better option.

Time available

• Reform involves a more complex management and construction times that may be delayed.
• Buying new allows you to move in immediately without any worries.

4. Condition of the property

If you find a well-preserved old houseIf the building is in need of renovation, refurbishing can be an excellent option. But if the building is in very bad conditioncan lead to high unforeseen costs.

Conclusion: Which option is best for you?

Both renovating an old apartment and buying a new one have advantages and disadvantages. The best choice will depend on your personal needs and priorities.:

• 💡 If you value location, customization, and a potentially lower price pointIf you want to renovate, refurbishing may be the best option.
• 🏡 If you prefer convenience, efficiency and no need to worry about construction workIf you buy a new apartment, buying a new apartment will be more convenient.

If you are considering renovating an old apartment in Barcelona, at Buildpat we advise you throughout the entire process, from planning to the execution of the work.