What option is more expensive, new construction or a comprehensive renovation? Victor Fernandez, a building surveyor, gives you the answer:
– PROPERTY CONDITION: This is the most delicate point and often where there are the most doubts. It is important to provide a good technical assessment of the structural condition of the property to make a realistic cost projection.
– SIZE: Does it make sense to renovate a 200 m2 home if what we need is a 120 m2 home? We believe it doesn’t.
– TIMELINES: They are practically the same as in new construction, 24 months.
In summary, except for very specific cases of renovating a home in good condition (where there is no intervention on the structure), renovation is not profitable compared to new construction.