Posted on May 24, 2016 in Property

In some regions of Spain, buying and renovating a second hand home can work out much more economical than buying a new home, reported El Economista.

While the average price of a new build home of 90 square metres amounts to 184,680 euros, a second hand property of comparable size requiring some refurbishment is around 138,282 euros, which leaves the considerable difference of 46,398 euros to cover any necessary reform works.

Moreover, since the average price for these reforms is 16,523 euros, according to data published by property portal, pisos.com, this translates to possible savings of nearly 30,000 euros, and likely explains why the number of Spanish home reforms are growing year by year, as are the budgets dedicated to these works.

According to the portal, apart from the obvious economical aspect, and the fact that the buyer can then upgrade and reform the property to their own specifications and tastes, other advantages are that these second hand properties for reform are quite often in more central locations of towns and cities, which as a result have better access to public services.

There are some regions, however, where the average price per square metre of second hand dwellings actually exceeds the price per square metre of new build homes. Navarre is the region with the most notable price difference, where the average price of a second hand home of 90 square metres stands at around 195,480 euros, while the price of a new build costs around 159,030 euros.

In Cantabria, the average price of a second hand home costs 181,980 euros while a new home costs 157,050 euros; the average prices for second hand and new homes in the Basque Country are 247,680 euros and 223,560 euros respectively, and in Madrid they are 259,200 euros and 254,430 euros, respectively.

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