Investing in a renovated apartment
Property renovation can be a lengthy and tedious process. So why not jump straight to the moving-in stage ?
It’s true that there are many advantages to choosing to handle your own renovation, but opting for a ready-renovated property can be a valuable source of peace of mind and – by extension – happiness! This is particularly true where major renovations are concerned; projects like investing in a previously commercial property whose electrical and plumbing systems need to be brought up to the best residential standards, or perhaps in a barn or decommissioned church that requires architect involvement for its redesign. And it’s not always necessarily cheaper to do the renovation yourself; sometimes, it can be cheaper to avoid all the hard work involved in that.
Renovated apartment… no worries !
While tackling the renovation project yourself may have tax advantages, it can delay the point at which you move into the property by a matter of months, or even longer… Sometimes, depending on your financial position, it may make more sense to move into your new home immediately you move out of your old property. Lastly, there’s no doubt that viewing a newly renovated flat will give you a much clearer idea of what you are buying. That way, you won’t simply be looking at drawings of what might be, but actual replastered walls in front of your eyes and refinished floors beneath your feet, because all the spaces have already been redesigned for you.
Of course, you can’t put your own spin on it as you would be able to do if you had redesigned everything from a blank page, but don’t forget that you can still do more work in addition to the renovation. So if you fall out of love with the bathroom or would prefer to remove a wall rather than keep the rooms partitioned, you always can.
Lastly, if you decide to buy to rent, you should know that renovated flats are easier to let and command very healthy rents.
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