In Spain, buying a secondary home for renovation is cheaper than buying a new home

In some regions of the country, purchasing housing on the secondary market and carrying out renovations is more economically feasible than purchasing a new property.

According to El Economista, the average price of a new home of 90 square meters in Spain is €184,680. At the same time, a similar property on the secondary market that requires renovation will cost an average of €138,280. This leaves the owner with €46,400 to carry out the necessary work to put the home in order.

But that's not all. Considering that the average cost of repairs is €16,520, the owner of a secondary property saves almost €30,000. In addition, it is often the secondary market properties that are located in the center of cities and villages, which allows for better access to all the necessary infrastructure.

However, there are regions in Spain where the average price of a resale property exceeds the price of a new home. The most noticeable difference in price is in Navarre. Here, a 90 sq. m. resale property costs an average of €195,480, while a new home costs €159,030. Cantabria, the Basque Country and Madrid also fall into this category.