To buy an apartment with or without renovation
There are many important decisions to make when buying an apartment. One of them is whether to choose an apartment with renovation, rough finishing or no renovation at all. This decision significantly affects the final amount of expenses for the purchase of real estate. If it is difficult to make up your own mind, we suggest you explore the pros and cons of each option with us.
How renovation affects the price of an apartment
It is impossible to say exactly how much an apartment will increase in price if it is renovated, as each situation is different. It can be a one-room or three-room apartment, an economy or business class apartment, etc. Still, on average, we can say that the repair in a new house costs 300-400 dollars per square meter.
What is usually included in the specified cost of repair:
Finishing of floors, walls, ceilings, window sills;
installation of plumbing, connection to water supply and sewerage;
electrical work - wiring, installation of sockets, switches, lamps;
installation of interior doors, heating radiators, air conditioning, etc.
As a result, if the apartment is renovated, it increases its value by about 30-40%. Of course, you can save money by buying a property without repairs and making repairs with your own hands. This will significantly reduce the cost of repairs, perhaps even 2 times. But you need to realize that it will take a lot of time and effort.
What are the pros and cons of buying an apartment with repairs
When there are doubts about which apartment is better to choose - with or without repair, it is worth studying the advantages and disadvantages of each option. There are several significant advantages of buying an apartment with finished renovation:
you can immediately move into your home (especially relevant for those who rent an apartment or live with parents);
no need to spend time and effort on repair work, get nervous because of inconveniences and quarrel when choosing the color of walls or laminate flooring;
the developer provides a guarantee for finishing work (you can file a claim if something is done poorly).
One of the main advantages is, of course, the possibility of quick move-in. In such a situation, you can sign a sales contract, get the keys and in the next few days plan to move in and have a housewarming party. In the case of expensive rent or cramped living conditions when living with parents, this point becomes especially attractive.
If we talk in detail about the builder's finish guarantee, it is important to properly accept the apartment after the completion of repairs. It is best to do this with a specialist who will be able to assess the quality of flooring or plaster, plumbing installation and other nuances with a professional eye. Only after he confirms that everything is done qualitatively, you should sign the acceptance certificate.
The main disadvantage of buying housing with repair is a higher cost compared to an apartment without repair. But the buyer should realize that he is paying for his comfort and time savings. Also to the disadvantages can be attributed and the fact that the future owner of the property and the developer may have different views on the finishing and design of housing. But if you don't like the apartment at all, you can always look for other options of housing with finishing.
What are the pros and cons of buying an apartment without renovation
Considering the advantages and disadvantages of apartments without repair, it is necessary to first divide such real estate into two categories - without repair and with rough finishing. If the option of housing "after builders" is considered, it will be a "box" with bare walls. But it also has its advantages:
you can see significant defects - the wrong shape of the room, uneven walls, etc...;
it is possible to carry out redevelopment independently and make it exactly as it suits a particular family;
communications can also be carried out independently and do not doubt the quality of work;
you can create an interior design that will exactly meet your preferences;
you can choose the best materials and find good craftsmen or do everything yourself.
Buying an apartment without repair is not only pluses, but also minuses. One of the significant disadvantages is that it is not possible to move into the apartment immediately, and you will have to wait for the repair to be completed for quite a long time. It will take 3-4 months to bring a bare box into a habitable state, depending on the area and the requirements for repair. You will also have to get into all the nuances of repair, even if it is done by a professional team.
Another option for real estate buyers is an apartment with rough repair. In such an apartment there are no bare walls, instead there is plaster, electrical wiring, gas and water pipes, concrete floor, heating and ventilation systems. What are the pros of buying a home with rough finish:
The hardest and dirtiest stage of repair is already done;
you can independently think over the interior design and choose plumbing fixtures and interior doors;
repair costs will be lower, as the main part has already been done;
renovation will take less time and you can move in sooner.
The disadvantage of rough repairs can be possible defects that the builder has hidden under the plaster or concrete floor pouring. Also to the disadvantages should still be attributed the lack of an opportunity to immediately move into the apartment. Despite the fact that the repairs will be faster, you will still have to wait.
What is more profitable - to buy an apartment with or without repairs
Since it is more profitable for developers to sell apartments with finishing, you can find a lot of materials on the Internet with recommendations to buy housing ready for occupancy. But the objectivity of these publications can be questioned.
If you look from the buyer's side, not the developer's, the situation is ambiguous. Prices for new apartments with repair and without repair differ on average by 30-40%. Knowing that the repair costs about 300-400 dollars, you can make a simple calculation of what will be more profitable - to buy a property with repair or without it.
If there are two apartments to choose from - one with repair at a cost of 1800 dollars per square meter, and the other without repair at a cost of 1300 dollars per square meter, then the latter should be added to the approximate cost of repair. As noted above, it is about 300-400 dollars, that is, if you buy "bare" housing and make repairs in it, it will cost about $ 1700 per square meter. There are savings compared to an apartment with repair, but it is small, so you should make a decision based on other factors, such as how urgently you need to move in.
If the cost per square meter turns out to be the same, when you add the cost of repair, it makes little sense to buy housing without repair. For those who are inclined to buy housing without repair, but live in rented housing, it is important to include rent costs in the calculation to make a more informed decision.
If it is difficult to decide on your own or can not find a favorable housing with repair, ask for help to realtors of the real estate agency "Mayak". Our staff is always ready to help you make a decision, highlight the pros and cons, and find the best deals on the market with and without repairs.