Renovated is the new… Well, new

Everyone, who chooses to renovate, faces the same problems. Outdated machinery, old doors and windows, floors and walls needed to be changed, and of course, the greatest challenge: finding the suitable craftsmen and general contractor. It is not a coincidence that many would like to avoid these problems that often span out for years, and rather pay for the perfectly renovated house for a greater price. As a result, there are more and more areas of the capital, where one square meter of a perfectly renovated house costs the same as a brand-new house’s. For example, in the center of District XI. a square meter costs between 900 thousand and 1 million forints in both cases. Foreigners have taken an interest in renovated apartments as well.

On the other hand, the price gap has been increasing between properties in good and in bad condition. Professional investors try to acquire worn apartments for the best price possible, just to renovate them with their team in hope for a larger profit. Those who have the courage and experience to have a go at renovating, can earn a lot after selling the properties. Especially in districts, where demand for apartments is high.

Reference: ingatlanhirek.hu