Renovations or A New House?

People's daily needs change, and therefore, a change in their home is necessary. At this point, we can decide between renovating our current home, buying a new house, or buying a house that needs renovation.

There are many reasons to decide to renovate a home, because with good planning and advice, you can ensure everything is just the way you want it, while saving on all expenses. As we know it 's not an easy decision, in today's post we'll show you some of the most important factors to consider when deciding to make renovations.

Cost

The cost of buying a house that needs renovation will be less than the cost of buying a new apartment. Of course, you have to add the cost of construction materials, but there are ways to save money in this process.

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Keep in mind that this cost will be offset if you decide to sell the home, since when we renovate, we add value to it, and therefore, the sale price also increases.

Personal taste

A key factor in deciding between a renovation and a new home is that if you decide to renovate, it will be completely to your liking , and you can be part of the entire process, from the renovation design to the selection of construction materials.

Space

Space is also another important factor, as in a renovated apartment , we can establish the layout of the spaces, playing with the perception of size and establishing the square footage of the rooms to your liking.

Taxes

If you buy a home to renovate, that is, a used home, you will have to pay the Property Transfer Tax (ITP), which represents 6% or 8% depending on the autonomous community, while when buying a new property, 10% VAT must be paid.

Grants

Before deciding to start a renovation, you should find out if you qualify for any type of subsidy , such as the IDAE financial aid for energy efficiency.

These factors will be crucial in making a decision, but the pros and cons of each option should also be evaluated, as the needs of each case will vary. We hope this post has helped you make a decision.