Buying an apartment is one of the most significant decisions in our lives, financially, family and emotionally. When we purchase an apartment, we characterize it according to our needs and desires in terms of location, floor, number of rooms, square meter, number of bathrooms, directions, and more and according to building characteristics like amount of neighbors, parking, elevator, gym, trash shaft, storage and more.
Then comes the big dilemma – whether to renovate or purchase a renovated apartment? There is of course the third option and that is to buy a new apartment from a contractor, but in Tel Aviv the number of construction starts is relatively small and with the completion of the TMA plan in 2022, we see fewer and fewer new projects / contractor apartments where you can sometimes buy the apartment in shell condition and produce a division that suits us. This is the case in a separate article on the subject of TMA and new buildings in Tel Aviv.
Renovated apartment enchants us, it looks good, everything is new, you can order a move and move in as soon as you receive a key according to the contract of sale. Someone else has already borne the costs, the design of the house, and the preoccupation with the contractors and the decisions with the many suppliers that exist when renovating an apartment. Someone else has already planned where the rooms will be, what their size will be, how many bathrooms will be and where, and even chose flooring, paint for the walls, and lighting accessories, kitchen, carpentry, faucets, sinks and toilets, and more and more.
It is clear to everyone that a renovation process can be stressful and difficult, it requires time – for planning and execution, a high budget that is not always known in advance and often has exceptions, and our great involvement. On the other hand, when we renovate ourselves we have control over the design, the materials, the level of the finishing, and to some extent the budget. In the end, even if it takes longer, we will get an apartment that suits our needs exactly.
Each of the options has advantages and disadvantages, and we at “Most Properties” recommend looking at apartments for both renovation and renovation and comparing them according to the parameters of time, budget, fuss, adjustment and building.
Time – A renovated apartment is usually ready for immediate entry upon receipt of the key according to the agreement, however an apartment for renovation will require time to plan and carry out the renovation. An average renovation of a regular Tel Aviv apartment (not in a tower) takes about three to five months on average. This time does not include the planning time, which depends on both the architect / designer and the client. Usually the process with the designer / architect includes characterizing the needs and the apartment, preparing sketches, choosing the client’s preferred sketch, preparing work plans – construction, electricity, flooring, plumbing, air conditioning, lighting, etc., and as a result of the work plans you can write technical specifications. . If the seller allows the architect / designer to enter before handing over the key to make measurements, the entire planning process can be done in advance and save valuable time, as until we receive the key to the apartment we will finish all planning and contracting, and the contractor can enter work immediately. If it is not possible to enter the apartment first, the planning time must be added to the execution time and take into account that it will take about six months – a year, until the apartment is completed.
Money – Renovated apartments are usually more expensive than apartments for renovation. The seller of the apartment adds the renovation costs he had, and often also adds a premium that will compensate him for the time spent. Some of the renovated apartments are sold by private individuals who have renovated the apartment for their needs and are selling it for various reasons, but many renovated apartments are being sold by improvement developers. These are entrepreneurs who buy apartments, renovate them in order to sell and eventually sell. Their profit is the premium they add to the cost of the apartment + the cost of renovation.
As mentioned, renovated apartments are more expensive but nevertheless, their price is known and final. When we go into a renovation, we get a quote from an architect, and then a contractor. These bids are for the execution of the works provided that there are no “surprises” and many times there is – a hidden pillar that did not appear in the old plan in the municipal archives, the lack of concrete pouring under the floor on the ground floor, and other “surprises” of various kinds. Apart from surprises there are also various elements that we have to choose from and have a wide price range – flooring, toilets, baths, faucets, lighting fixtures, electrical accessories, kitchen, appliances, various carpentry items, air conditioning systems, etc. Thus, the budget of renovations is usually not final and it is often customary to add 25% -30% of the planning in order to reach the real budget.
Dealing – When we renovate ourselves we are an integral part of the process. Although we employ professionals – architect, designer and contractor, we have an important and essential part in the process. Starting from the planning process where we sit with the architect / designer and decide together with him how many rooms and what will be in each of them, how many bathrooms, lighting design, air conditioning system design, where will the washing machine be, where will the laundry basket be, what will be the kitchen division into drawers / cabinets , And many other parameters. The more accurate and comprehensive the characterization, the more suitable an apartment will be for our needs. After characterization and planning, materials must be chosen for finishing – floors, toilets, faucets, lighting fixtures, carpentry and many other details. The selection is endless and a good designer / architect will know how to guide us and reduce the selection time, but keep in mind that in the end the final decision is ours.
Match – A renovated apartment, especially one renovated by a developer to improve the property, fits the lowest common denominator, because it is not known in advance who the tenants will be, what their style is, what their living habits are, how many children they have, and how many times a month they like to host and whether Prefer to host at a “buffet” or sitting at a table, and do you prefer to watch TV lying down or sitting, etc.? If you find a renovated apartment that exactly fits your needs, and meets your budget, we at “Most Properties” recommend seizing the opportunity.
However, if you want an apartment that is tailor-made to your measurements, designed with great precision according to your needs, desires and lifestyle, we recommend renovating.
Other important elements in choosing whether to renovate or buy a renovated are the objective parameters of the building itself and the apartment itself – floor plan, directions, whether or not there is parking, whether or not an elevator (adding an elevator is an expensive and cumbersome matter that is not always technically possible. The rest of the occupants.
The building and willingness to pay), and the street and neighborhood where the building is located – these are parameters that can not be changed. An apartment that meets these parameters can meet our requirements, can be renovated and is preferable to a renovated apartment, but there is no parking or the air directions do not suit us.
In conclusion, we at Bahrav Properties recommend examining both apartments for renovation and renovated apartments and comparing them according to the parameters mentioned above. Our office has a selection of renovated and renovated apartments, and as part of our accompaniment process, we will be happy to connect you with top professionals – contractors, developers, engineers, architects, designers, quantity reporters, cellular antenna testers, and construction inspectors.
