Renovation & construction
Finish Standard for Resale: Where to Save and Where Not
The market pays for condition and function at the district's level, not for expensive materials. I found no open data on a premium for premium finishes, so the standard is checked against comparables.
For resale, finishes are done at the district's level: neatly, neutrally and without saving on what is hidden in the walls. Studies show the market pays for a full renovation compared with an apartment without one. I found no premium for materials above the district standard in open sources. So expensive finishes have to be confirmed by comparables, not by taste.
What the market pays for, according to studies
Gesvalt and Casavo, in a piece on Madrid and Barcelona dated 4 May 2023, using both companies' own data, estimated the difference between a fully renovated and an unrenovated apartment in Barcelona at 1,161 €/m² (+42%). A partial renovation without structural changes gave 528 €/m² (+19%). A fully renovated apartment remained 7% cheaper than a new-build (Gesvalt).
The same authors estimated the cost of work at standard qualities: a partial renovation 300–350 €/m², a full one up to 600–650 €/m² plus IVA. In September 2023 Gesvalt published its own estimates for large cities with different averages: a full renovation at about 650 €/m² and a value gain of about 1,050 €/m² (Gesvalt). The figures in different publications do not match; they are orders of magnitude. They cannot be carried over to your property, they are three years old, and they reduce to averages from the companies' data.
What matters here for finishes: all the figures relate to standard qualities. It does not follow from them that more expensive materials sell for more.
Where saving is acceptable and where it is not
The principle is simple. The buyer judges what he can see and verify, and a technician before the deal checks what is hidden. So saving is acceptable on what is replaceable and visible, but not on what is hidden and functional.
| Element | Standard for resale | Why |
|---|---|---|
| Electrics, water supply, drainage | Do not save | Hidden in the walls; the buyer and the technician will find defects there, and where a LOE project applies, liability for installation defects lasts three years (art. 17) |
| Waterproofing, wet areas | Do not save | The most expensive thing to fix after the sale |
| Windows and sound insulation | Do not save | City noise is noticed first, see CTE DB-HR |
| Kitchen and bathrooms | Mid-level, neat installation | The most visible rooms, but the value is not in the brand |
| Floor and wall coverings | The district's neutral standard | The buyer judges by photos and "cleanliness" anyway |
| Light fittings, handles, decor | Save | Replaced in a weekend |
| Furniture and appliances | By the standard of the district's listings | Comparables show whether they are needed at all |
The LOE article on liability periods is discussed under the seguro decenal (ten-year structural insurance). If your renovation goes ahead without a project, the LOE may not apply, but a consumer buyer can still bring a claim against a seller acting as a businessperson. The scope of that liability is checked by an abogado (lawyer).
How to determine the district standard
- Open 8–10 recent listings in the same building or neighbouring ones with a similar floor area.
- Split them into "renovated" and "needs renovation". Pick those that sold or have stayed listed for a long time.
- Record the level: coverings, kitchen, bathrooms, windows, whether there is air conditioning.
- Check how the asking price responds to the level, not to the photograph.
- Write the standard into a specification attached to the budget (memoria de calidades, the schedule of finishes): materials, brands or classes, colour. Without it the contractor will choose himself.
How comparables are adjusted is described in the article on adjustments to comparable sales.
Worked example: does an "upgrade" pay back
A worked example, not a forecast. An apartment of 70 m². Works at the standard of 600 €/m² (an assumption): 42,000 €. The contractor offers upgraded coverings and kitchen for an extra 150 €/m², that is +10,500 €. Selling costs are 4% of the price (an assumption). To recover the upgrade, the price must rise by at least 10,938 €. That is 156 €/m². The question for the comparables: do buyers pay 156 €/m² more for apartments with upgraded finishes? If the sold ones show no such gap, the upgrade is paid for out of your return.
When the district standard does not work
The rule "do as the neighbours do" does not suit unique properties: historic buildings with plasterwork, penthouses, houses with a view. There the buyer compares not with the district but with properties of that class, and the choice of materials is set by the project. Nor does it suit a property where structural defects eat the budget: then finishes get whatever is left.
To assess your renovation use the investor calculator, and for the market exit price the page on property valuation. Why there is no single cost per m² for a renovation is covered in the article on renovation cost per m².
Questions and answers
Do expensive finishes pay back when selling an apartment?
Not always. Open studies measure the effect of a renovation at standard qualities and give no premium for premium materials. Check against the district's comparables, as in the calculation above.
What should you not save on in a renovation for resale?
On what is hidden: electrics, water supply, waterproofing, windows. The buyer and his technician will find a problem there, and fixing it after the sale costs more.
Should an apartment be sold furnished and with appliances?
It depends on the comparables. If furniture and appliances are not standard in the district's listings, they add to your costs without adding to the price. If they are standard, their absence reduces appeal.
What is a memoria de calidades?
It is a list of materials and equipment describing the class or brand. It lets the contractor avoid choosing on his own, and lets the client check what was actually done against what was agreed.
