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Execution of works in summer: the best time to invest in a reform and revaluation of a house

Execution of works in summer: the best time to invest in a reform and revaluation of a house

Summer is for many the best time to make home renovations. It allows to take advantage of the holidays to follow the works (or to realize them oneself), to open to eliminate dust or odors, not many neighbors, reason why the annoyances are minimized, and, since the days are longer, days. A good time to invest in the improvement of housing, which, according to data from the Mitula Group [1], will significantly help its revaluation. So much so that an unreformed house is 17.18% cheaper in the whole of Spain than another one in which improvements have been made.

If we focus on large cities [2], Zaragoza is where it is most valued that improvements have been made in a flat or house. So much so, that in the Aragonese capital an unreformed home sees its price fall by -38.01% compared to another that is.

It is followed by Valencia, the second great city where more importance is given to the state of a dwelling to determine its value. Thus, an unreformed apartment in the capital of the Turia is almost 30% (-28.46%) cheaper than a renovated.

Madrid, Barcelona and Bilbao, where less importance is given to the reforms to fix the price

Barcelona, Bilbao and Madrid, meanwhile, are at the opposite end. The three large Spanish cities, where prices tend to be higher, value the reformed housing, but less than other cities. This behavior is due, in part, to the tensions caused by the pressure of demand and supply shortages.

Thus, Barcelona is the capital that less importance (-2.15%) to the state of conservation of the homes to fix its price, followed by Bilbao, where an unreformed floor sees its price fall by -7.45% with respect to another Renovated and Madrid, where an unreformed property costs -8.28% less than one that is.

Air conditioning, a must in summer that also influences the price

In hot weather, like the current months, air conditioning is the salvation of many and is also noticeable in real estate prices, especially in areas with warmer climates.

Thus, Barcelona is the capital analyzed in which more incidence has the air conditioning in the final price of the houses. The floors with air conditioning are 19.89% more expensive than the average, due to the Mediterranean maritime climate of the Catalan capital.

Valencia, also an area of high summer temperatures, is the second city that gives more value to the existence of air conditioning in a home. An apartment or house with air conditioning is 18.43% more expensive than the average, according to the Report on the Price of Housing in Spain of Mitula Group.

In Bilbao, on the other hand, the mild climate in summer makes the air conditioning an extra little appreciated, as it increases the price by an almost negligible 0.10%.

Especially significant, however, are the cases of Madrid and Seville, two cities with warm summers, where the existence of air conditioning in the home only means a price increase of 5.01% in the case of the Spanish capital and 9.29% In the city of Seville, figures well below cities such as Barcelona or Valencia.

[1] Mitula Group’s Report on the Price of Housing in Spain for the second quarter of 2017.

[2] Spanish cities above 300,000 inhabitants (2016), according to figures from the National Institute of Statistics (INE).

Source: IMMODIARIO

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