Buying new or older house – calculate the extra works!
There’s an old expression, “If you think it’s expensive to hire a professional to do the job, wait until you hire an amateur.” Hiring a professional agent can save you literally thousands of Euros, as the right agent will not only negotiate effectively, but also know what pitfalls to look for as the transaction moves along, saving you money in the process.
Many times, it´s tempting to look or request viewings on properties which are priced well below your budget but which don´t have a lot of the things you´ll require and will need to add to make the property perfect.
Often this can be a good approach e.g. a blank canvas which will allow you to create your perfect property here in Spain but equally it can be a false economy. When the cost of adding what you need well exceeds the price you could have purchased a property for that has all in situ what´s the sensible way forward.
As an illustration between August and December 2017 the average selling price of an immaculate 3 bed Villa in close proximity- to amenities / Coast- with 8x4 swimming pool, garage or car port, separate storage room, terracing around pool, irrigation system, full air conditioning, fly screens throughout fitted wardrobes all bedrooms, marble fire surround, granite work tops in kitchen, UK TV system was 375,000€.
A 3 bed villa with none of the above extras included ranged between 250- 300,000€.
How much would it cost to add the extras?
Swimming Pool: 8 x 4m tiled with necessary licences and project - 15,000€
The cost for a 10 x 5m pool ranges between 18.500 - 20,000€.
Please note there are strict limitations in certain locations and pool permits will not always be granted. If the villa you are interested in doesn't have a pool, then check with the agent it's in a location where one can be added.
Garage: single block built with tiled roof with permits with projects - 10,000€
Double garage: 13,500 - 15,000€
Please note that the same rules apply as for pools regarding permits.
Car port: between 1,200 - 1,600€ depending on quality.
Block built storage room: with window and tiled roof - flooring 3 x 3m - 6,500€
Terracing: including concrete base, steel, tiles, labour approx. 60€ per m2 so 100m2 of terracing approx. 6,000€
Irrigation timer system: between 500 - 700€
Fly screens: based on pull down / slide across version on all windows and one double door (non-electric versions) - 2,800€
Air conditioning: based on lowest cost units installed all bedrooms and lounge 2,100€
Getting good quality A/C units that are invertor units is highly recommended. I know some people are reluctant to use aircon because of the cost but did you know that it is probably the most efficient form of heating as well as cooling.
For example high quality aircon unit costs 12.5 cents per hour flat out to cool so that's only one euro for 8 hours working nonstop.
It is one of the most efficient forms of heating as well during the short winter months. You get 2.5kW of heating output for only 800 watts of power usage. You can calculate the cost yourself depending on your tariff. For us about one euro for 7 hours.
Fitted wardrobes: doubles 1,200€ per bedroom, so 3 bedrooms - 3,600€
Top marble or natural stone fire surrounds: these range from 2,500 - 3,300€ depending on size or quality
Granite or Silestone work tops: range from between 140-180 Euros per m2 so with plinths and kick boards on an average 12m2 kitchen allow for approx. 2,000€ fitted
UK TV system: 2 main options currently in use:
- Full satellite dish cost 1,200€
- Android streaming box cost 75€ but must be linked to your internet system.
In addition to the above there are a large number of changes / modification you may wish to make to a particular property which aren't perhaps essential but instead being considered to freshen up or alter slightly so it matched your own personal taste / style. Some of the main ones are
Re Decoration: As an example, to repaint the entire interior walls and ceilings of a 3-bedroom villa ranges between 800 - 1,200€ and for the exterior, providing in good condition, allow the same.
New kitchen: On an average 11m2 kitchen, including all appliance, purchase and install ranges from 3,800 - 6,000€ depending on quality of units and material used for work tops / kick boards.